Hyderabad, Jan 28 (PTI) The UAE-based retail chain Lulu Group, promoted by NRI businessman Yusuffali MA, has signed three MoUs with the Telangana government, to develop retail and food processing industry in the state. Also Read - MP Minister Climbs Atop 50-Ft High Swing For Better Phone Signal, Video Goes Viral | Watch
Lulu is the largest employer across UAE in the non-manufacturing sector. Also Read - UAE's Space Probe 'Hope' Sends First Image of Mars to National Space Agency
Under the MoUs, Lulu will invest an amount of USD 400 million (Rs 2,500 crore) to construct 1.8 million square feet area of mega shopping mall, set up food processing plant and a logistics and export processing unit for fruit and vegetables, an official release said here today. Also Read - UAE Plans to Offer Citizenship to Select Group of Foreigners: Check Here Who Can Apply And How?
The agreement was signed during the UAE visit of Telangana Industries Minister K T Rama Rao to Lulu group HO in Abu Dhabi, it said.
The foundation stone will be laid within next three months by the Telangana Chief Minister K Chandrasekhar Rao, it said adding approximately 6,000 people will get employment.
Yusuffali, Chairman, Lulu Group said, “Telangana being the newest state offers great potential for expansions and the kind of support and cooperation we have been receiving from the government has been very encouraging.” “We will begin the work within three months as the Telangana government has already initiated the process to hand over the land to us,” added Yusuffali.
KT Rama Rao said, “We have always wanted world-class facilities for our state, especially in the retail and food sector. Being a leader in these sectors, Lulu Group is our natural choice and we have extended our fullest support and look forward to working with them in many more projects in the future”.
This is published unedited from the PTI feed.