UAE-based conglomerate Lulu Group has announced that it will invest Rs100bn ($1.22bn) in several ongoing projects in India over the next three years, reported PTI.
The company has revealed plans to open the new Lulu Mall in Hyderabad in the Indian state of Telangana.
The centre is spread across five million square feet and has received an investment totalling Rs3bn from Lulu. It will open in August this year.
Lulu chair Yusuff Ali told PTI that his company has committed to invest Rs35bn in Telangana over the next five years.
Furthermore, the company is planning to build an export-oriented modern integrated meat processing factory and a 2.2 million-square-foot 'Destination Mall'.
The UAE group has already invested more than Rs200bn across Indian states.
Ali told the news agency that the company's goal is to employ 50,000 people in India. He noted that the group’s several companies have already employed more than 22,000 people.
He was quoted by PTI as saying: “We have got an investment of more than Rs200bn in different areas, including shopping malls, hotels, and food processing units (in India). We will increase this.
“We have started the construction of a shopping mall in Ahmedabad. And also, another one in Chennai we are coming up. A food processing plant is coming up in Noida and another one in Telangana.”
