HYDERABAD: Lulu Group chairman Yusuff Ali on Wednesday disclosed that the group would invest Rs 3,500 crore in Telangana over the next three years.
Speaking after the inauguration of the first shopping mall of Lulu Group in Hyderabad, Yusuff Ali said: "We have committed to invest Rs 3,500 crore over the next three years in Telangana in shopping malls, mini-malls, agriculture, logistics, food and fish processing hubs".
He said that products from Telangana would be exported to other countries.
Yusuff Ali said that the Lulu Group has decided to invest in Telangana because of the efforts of Chief Minister K Chandrasekhar Rao and Industries Minister KT Rama Rao.
"I first met Rama Rao at an international summit at Davos. He was working day and night to meet investors. Rama Rao is hardworking and a dedicated minister," Yusuff Ali said.
Thanking the Lulu Group chairman, Rama Rao said that the group had 270 hypermarkets and has expanded its operations in 25 countries.
"This investment of Rs 3,500 crore by the Lulu Group will create employment opportunities for the youth in the State. Poultry and fish farmers will get remunerative price. I thank the Group for its decision to invest in the State and the generosity and kindness of Yusuff Ali. I hope that Lulu Group will invest more than Rs 3,500 crore," Rama Rao said.
The newly inaugurated Lulu shopping mall in Kukatpally near JNTU in Hyderabad is spread over five lakh sqft.
The group invested Rs 300 crore for the mall, which will have over 75 local and international brands, a multiplex, multi-cuisine food court and an entertainment centre for kids.