SRINAGAR: Over two years after the revocation of Article 370, the UAE-based LuLu Group would be investing Rs 200 crore in Jammu and Kashmir for a food processing and logistics hub in Srinagar.
A Memorandum of Understanding in this regard was signed by J&K Principal Secretary (Industries & Commerce) Ranjan Prakash Thakur and Ashraf Ali MA, Executive Director of LuLu Group in Dubai on Wednesday in the presence of J&K Lieutenant Governor Manoj Sinha and LuLu group Chairman Yusuff Ali MA. LuLu Group has a presence across 10 countries with 217 hypermarkets in GCC and Egypt.
Lt Governor Sinha said the MoU with LuLu group will further expand Jammu Kashmir-Dubai collaboration and Jammu Kashmir-LuLu Group partnership. LuLu group last year imported the famed Kashmiri apples for its 190-plus hypermarkets in the GCC and other countries.
“The world-famous GI tagged saffron has been launched at LuLu Hypermarket, which is a major step towards boosting J&K and Dubai partnership. LuLu group is importing apples from J&K and with saffron, we are adding Kashmir’s finest spice to the basket. This beginning will take our trade to unprecedented levels,” Sinha said.