Lulu Group, based in the UAE, will invest Rs 10,000 crore in India over the next three years on various ongoing projects, while the UAE-based conglomerate has already invested over Rs 20,000 crore in the nation, Lulu Chairman Yusuff Ali MA said here on Monday. He also stated that his goal is to employ 50,000 people in India, and that his different businesses have already employed over 22,000 individuals.
Yusuff Ali also stated in the presence of Telangana Industries Minister K T Rama Rao that the Lulu Group has committed approximately Rs 3,500 crore in investments in Telangana over the next five years on various projects including Destination shopping malls (Rs 3,000 crore) here and in other cities throughout the state.
Destination shops, stores, or malls are ones that shoppers make a point of visiting because they offer either great prices, interesting merchandise, or a welcoming environment, such as Ikea or Decathlon. He stated that a five lakh sq ft Lulu Mall, built with a Rs 300 crore investment here, will be launched in August, along with an export-oriented contemporary integrated meat-processing factory and a 2.2 million sq ft state-of-the-art destination mall. He also stated that the Lulu group intends to establish an agriculture sourcing and logistics hub near Hyderabad Airport to facilitate exports and promote local Telangana produce throughout India and the world.
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