TN on MoU spree: LuLu Group to ink pacts worth Rs 3.5k crore
CHENNAI: Multinational conglomerate LuLu Group International on Saturday announced it will set up two shopping malls and a 100 per cent export-oriented food processing unit in Tamil Nadu with a total investment of Rs 3,500 crore. Five other companies signed MoUs with the State government with a total investment of Rs 2,600 crore, which could provide close to 9,700 jobs in TN.
LuLu Group International chairman and managing director MA Yusuf Ali, announcing his company’s plans at an investors’ conclave organised by the TN government in Dubai, said, “We will be signing the MoU at the Abu Dhabi Chamber of Commerce on Monday. Top executives from the LuLu Group in India are in Dubai to finalise the project details with the Tamil Nadu government officials.”
He added that LuLu shopping malls in TN would provide job opportunities to over 5,500 people and work on these malls would start very soon. LuLu Group’s garment unit at Tiruppur exports garments worth Rs 250 to Rs 300 crore every year.
Speaking at the conclave Chief Minister MK Stalin said, despite the pandemic, in the last 10 months TN has signed 124 MoUs attracting investment worth 8 billion USD, creating employment opportunities for nearly 2,00,000 people. “Tamil Nadu has registered a positive GDP growth rate of 5.8 per cent in 2020-21 in contrast to negative growth seen in most economies. This clearly demonstrates why global investors have reposed faith and confidence in Tamil Nadu,” he said.
Meanwhile, the Nobel Steel Company, Dubai signed an MoU to set up its unit in Tamil Nadu to manufacture steel pipes and precision tubes for automobile industries at an investment of Rs 1,000 crore, providing jobs to 1,200 people.
Another Dubai company, White House, inked a pact to set up integrated sewing plants at Tindivanam (Rs 150 crore) and at Walajabad (Rs 350 crore) that could provide jobs to 3,000 people. Transworld Group too signed an MoU to set up a food park with an investment of Rs 100 crore creating jobs for 1,000 people.
Aside from this, Aster DM Healthcare signed an MoU to establish a 500-bed hospital with an investment of Rs 500 crore and employment potential of 3,500 jobs while the Sharaf Group signed an MoU to set up a freight transport park with an investment of Rs 500 crore that would provide jobs to 1,000 people.
The CM extended an invitation to all investors in UAE to invest in TN. “We can all benefit from the State’s development. There are huge opportunities for infrastructure development and real estate development in Tamil Nadu. Similar opportunities exist in the tourism and hospitality sectors as well.There are opportunities for setting up food processing units, food parks, and logistics and cold storage facilities,” he added.
Stating that TN has also developed an excellent infrastructure in the areas of fintech, renewable energy, data centres, aerospace and defence, Stalin said, “As far as the electronics sector is concerned, we seek to increase investments in electric vehicles and charging stations.”
Suresh Kumar, Chairman, IBPC Dubai, founder and mentor, Tricolour Values Group, Jamal Saif Al Jarwan, secretary-general, the UAE International Investors Council, Aman Puri, Consul General of India, Dubai, Industries Secretary S Krishnan, Pooja Kulkarni, Managing Director and CEO, Tamil Nadu Guidance and senior officials from Tamil Nadu government were present on the occasion.