Abu Dhabi: Lulu Group will invest Dh1.7 billion in the construction of a shopping mall, a five-star hotel and a convention center in the Indian state of Andhra Pradesh in Visakhapatnam, it announced on Monday.
"Andhra Pradesh being the newest state in India has a tremendous potential for investments in various sectors especially in hospitality and retail. We've had many rounds of fruitful discussions with the government of Andhra Pradesh and the speed with which they approved our project is commendable. We are looking forward to the start of construction in February 2018," said MA Yousuf Ali, the chairman of Lulu Group.
The announcement came as the Chief Minister of Andhra Pradesh, N Chandrababu Naidu, visited the UAE to seek investments in various sectors of the southern Indian state to boost its economy.
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