HYDERABAD: Abu Dhabi-based LULU group will be investing Rs 2,500 crore in Telangana next year. It is likely to invest in three projects in the State.
MA Yusuf Ali, chairman of LULU, announced the group’s plans when a delegation from Telangana government represented by IT Minister KT Rama Rao and Commissioner of Industries Jayesh Ranjan called on him.
LULU is the largest retail chain in the Middle-East having over 100 hypermarkets with a turnover of $5 billion.
Ali is considered to be the wealthiest person of Indian origin in the Gulf area. “LULU group wishes to invest in three projects in Telangana -- a fruit and vegetable processing unit, an integrated meat processing unit and a modern shopping mall in Hyderabad,” an official release said.
A team of representatives from the group will visit Hyderabad in the first half of January 2015 with detailed project reports and seek assistance of the government in identifying suitable land for the projects.