Lulu to invest Rs10b in UP

Agra - With a net worth of $3.4 billion, the Gulf-based retailer was ranked 24th on Forbes' list of India's richest 100, in 2015.

Yusuffali MA, chairman of LuLu Group announced recently that his company will invest Rs10 billion in Uttar Pradesh's state capital Lucknow, where he plans to build a convention centre, shopping mall and a five star hotel.
With a net worth of $3.4 billion, the Gulf-based retailer was ranked 24th on Forbes' list of India's richest 100, in 2015. Yusuffali also hit the headlines for the $170 million purchase of the iconic Scotland Yard building in London, in July last year.
Yusuffali's announcement, which drew loud cheers from the crowds, and an appreciative clap from chief minister Akhilesh Yadav, also drew on his own connection with UP. Yusuffali said: "I have a very close association with Uttar Pradesh. Nearly 2,000 persons from UP are working in our food processing companies. I was offered a doctorate by different universities of the world, but the only one I accepted was from Aligarh Muslim University in UP. After receiving the doctorate there I mentioned the need for sports and for students to have sports complex to promote health. I donated Rs50 million to construct a sports complex for boys. Now another Rs50 million for girls."
He said that the investment in UP will create employment for 3,000 people. Yusuffali added: "I don't believe in declarations, we believe in work. If everything is ready, we promise to begin our construction."
The chief minister said the Pravasi Diwas was a positive start to the state government's efforts to reach out to its non-residents and for the state machinery to facilitate their connection with roots. "The government will make every effort to ensure that land and any other assistance is provided to him so that he can begin work."
Akhilesh also said he was hopeful that the more such proposals for investment are announced over the next day of deliberations - the second and last day of business at the UP Pravasi Diwas.