The UAE-based retail chain Lulu Group, promoted by NRI businessman Yusuffali MA, has signed three MoUs with the Telangana government, to develop retail and food processing industry in the state.
According to a PTI report: Lulu is the largest employer across UAE in the non-manufacturing sector.
Under the MoUs, Lulu will invest an amount of US $400 million (Rs 2,500 crore) to construct 1.8 million square feet area of mega shopping mall, set up food processing plant and a logistics and export processing unit for fruit and vegetables, an official release said here.
The agreement was signed during the UAE visit of Telangana Industries Minister K T Rama Rao to Lulu group HO in Abu Dhabi, it said.
The foundation stone will be laid within next three months by the Telangana Chief Minister K Chandrasekhar Rao, it said adding approximately 6,000 people will get employment.
Yusuffali, Chairman, Lulu Group was quoted by PTI as saying, “Telangana being the newest state offers great potential for expansions and the kind of support and cooperation we have been receiving from the government has been very encouraging.”
“We will begin the work within three months as the Telangana government has already initiated the process to hand over the land to us,” Yusuffali was further quoted by PTI as saying.
KT Rama Rao told PTI, “We have always wanted world-class facilities for our state, especially in the retail and food sector. Being a leader in these sectors, Lulu Group is our natural choice and we have extended our fullest support and look forward to working with them in many more projects in the future”.