LuLu Group has massive investments planned for India in retail and food processing
The retail conglomerate has already invested Rs200 billion in the country
UAE-based retailer Lulu Group is expanding rapidly in India with an investment of Rs100 billion in retail and food processing industry. The ongoing projects of the company in states like Telangana, Tamil Nadu, Kerala, Gujarat and Uttar Pradesh will provide around 50,000 employment in India.
The retail conglomerate has already invested Rs200 billion in the country, said Yusuff Ali MA, Chairman of Lulu Group. The ongoing projects of the company in states like Telangana, Gujarat and Uttar Pradesh will provide around 50,000 employment in India apart from more than 22,000 jobs that have been provided so far, he added.
“We are in the process of finalising the construction schedule of a shopping mall in Ahmedabad. Another shopping mall is also being planned in Chennai in Tamil Nadu. The liberalised NRI investment norms in India, where all investments by non-resident Indians are treated as domestic investments, is attracting large scale investments from the Indian diaspora across the world”, said Yusuffali.
One of the company’s retail projects in Telangana is nearing completion and is expected to open soon. Apart from this, Lulu Group has plans to add a state-of-the-art Destination Mall (2.2 million sq ft.) and an export-oriented modern integrated meat processing plant in the state.
Lulu Group’s shopping malls and hypermarkets are in Kochi, Thiruvananthapuram, Bengaluru, Lucknow, and Coimbatore.
Apart from the retail projects, Lulu is also investing in the field of food processing in various parts of India. A state-of-the-art food processing and logistics hub is coming up in Noida in Uttar Pradesh, and Srinagar in Jammu & Kashmir.
Yesterday, Lulu opened a state-of-art seafood processing hub in Aroor near Kochi in Kerala. The new hub will process raw seafood and will also produce many value-added products such as squid rings, buttered shrimps, shrimp salad and will boost seafood exports from Kerala. State-of-the-art machineries have been imported from Denmark for the processing of seafood. The seafood processing unit, which will function 24 hours a day, will provide direct and indirect employment to more than 800 people.
With its more than 250 hypermarkets and 24 shopping malls across 22 nations, Lulu employs more than 65,000 strong workforce from 42 different nations and has an annual turnover of $8 billion globally.