SRINAGAR: Over two years after the revocation of Article 370, UAE-based LuLu Group announced that it will be investing Rs 200 crores in Jammu and Kashmir to set up a food processing and logistics hub in Srinagar.
The Memorandum of Understanding (MoU) in this regard was signed by J&K Principal Secretary, Industries & Commerce Ranjan Prakash Thakur and Ashraf Ali MA, Executive Director, LuLu Group in Dubai on Wednesday day in presence of J&K Lieutenant Governor, Manoj Sinha and LuLu group Chairman, Yusuff Ali MA.
The 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.
The 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 I see as a major step towards boosting Jammu Kashmir and Dubai partnership. LuLu group is already importing apples from Jammu Kashmir and with saffron, we are adding Kashmir's finest spice to the basket. I am certain this new beginning will take our trade to unprecedented levels,” Sinha said.
Jammu and Kashmir is number one in production of saffron, apple, walnut and almond in India.
The MoU with the LuLu group will help J&K businessmen to reach out to shoppers at 190 LuLu Hypermarkets across the GCC and Egypt.
Meanwhile, Lt Governor Sinha on Thursday met the Chairman of DP World, Sultan Ahmed bin Sulayem in Dubai. He discussed the opportunities and potential areas of collaboration between the J&K Government and DP World, a Dubai-based company specializing in cargo logistics, port terminal operations, maritime services, and free trade zones.
The India Pavilion at EXPO2020 Dubai is currently hosting Jammu & Kashmir Week from January 3-13, 2022.