LuLu Group International, with investments in retail, hospitality and food processing sectors, has decided to set up its facility in the State for developing retail and food processing industry. It has signed a memorandum of understanding (MoU) with the State government in this direction.
According to the MoU, the company would invest US $ 400 million (around ₹2,500 crore) to construct 1.8 million sq.ft mega shopping mall, food processing plant, and logistics and export processing unit for fruits and vegetables.
The agreement was signed during the visit of the high-level delegation led by Industries and IT Minister K.T. Rama Rao to the company’s headquarters in Abu Dhabi. LuLu Group chairman Yusuff Ali said the company signed the MoUs as part of its expansion plans in India. Telangana, being the newest State, offered potential for expansion and the government’s support and cooperation in this direction was very encouraging, he said.
The company plans to begin work in three months as the State government has already initiated the process to hand over the required land. Mr. Rama Rao said the government was working towards ensuring investments in world class facilities in the State, especially in retail and food sector. “We are looking forward to working with them for many more projects in future,” he said.
Industries department principal secretary Jayesh Ranjan and LuLu Group CEO Saifee Rupawala were present on the occasion.
The State Government has also signed an MoU with the BRS Ventures (a group company of B.R. Shetty Group) for investments in the State. Mr. Jayesh Ranjan and BRS Ventures representatives signed the MoU in the presence of Mr. Rama Rao for three mega investments.
Accordingly, the BRS Group would invest ₹1,000 crore over three to five years to set up a pharmaceutical manufacturing and research and development unit over 20 acres in addition to aapart from a medical devices manufacturing unit on another 20 acres in the proposed Medical Devices Park at Sultanpur.
In addition, the company would also set up greenfield multi-specialty hospital of aggregate capacity of 500 beds and higher education institutions including medical, engineering and management institutions on approximately 50 acres.
