UAE's Lulu Group to invest in India's Telangana fashion retail, mall planned

By

Isabelle Crossley

Published
Jan 29, 2018

The UAE based conglomerate Lulu Group has signed a memorandum of understanding (MoU) with Telangana that will see them invest 2,500 crore rupees (approximately 375.7 million US dollars) in the area’s retail and food processing industry.

The MoU, signed on Sunday January 28, was made between the Lulu Group and the Telangana IT and Industries Minster, KT Rama Rao, during the Minister’s current UAE visit. 

Along with securing an investment of 2,500 crore rupees from the conglomerate, the MoU also plans the construction of a large scale shopping mall that will be spread over 1.8 million square feet and house fashion and other fast moving consumer goods (FMCG). A food processing plant and export processing unit will also be set up in Telangana.

The project aims to create employment for 6,000 people in the region. The Chairman of Lulu Group, Yusuffali MA, said about the MoU: "As part of our expansion plans for India, we are excited to sign these MoUs. Telangana being the newest state offers great potential for expansions and the kind of support and cooperation we have been receiving from the state 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."

The project will, therefore, kick off very soon.

"We have always wanted world-class facilities for our state, especially in the retail and food sector,” said KT Rama Rao. “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."