Lulu Group to invest Dh1.7b in Andhra Pradesh

Group to construct a shopping mall, a convention center and a five-star hotel

Last updated: October 23, 2017 | 18:32

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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.

Prime Minister Narendra Modi is being briefed about 'Layout Plan of Amaravathi City' - the new Capital of Andhra Pradesh during its foundation stone laying ceremony on Thursday. Chief Minister of Andhra Pradesh, N. Chandrababu Naidu is also seen.

A train passes the Secunderabad railway station in Andhra Pradesh state, India. Decades of low investment and policy stagnation mean India has fallen far behind emerging market peer China in building a rail network fit for Asia’s third-largest economy.

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