LuLu Group continues legacy rooted in Indian culture

 

LuLu Group continues legacy rooted in Indian culture
M. Venkaiah Naidu, Vice-President of India, unveils a plaque at the foundation stone-laying ceremony of LuLu Group's mixed use project in Visakhapatnam, alongside Chandrababu Naidu, Chief Minister of Andhra Pradesh and Yususffali MA, Chairman of LuLu Group.

LuLu Group creates employment opportunities for more than 40,000 people through upcoming investments

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Published: Sat 26 Jan 2019, 12:25 PM

Last updated: Sun 27 Jan 2019, 10:59 AM

Prominent NRI businessman and one of the major investors in India, Yusuffali MA sees tremendous push from UAE investors into India. Reacting on the latest easing of FDI norms by Modi govt. Yusuffali predicts an investment to the tune of $150 billion will flow into retail, aviation, tourism and manufacturing sectors from the Gulf countries.

The recent top-level visits by leaders of both nations, coupled with newly announced initiatives, has made India the most talked about FDI destination for investors in the Gulf region, which is looking to broaden its non-oil investments and revenue streams.
Yusuffali MA, who is the Chairman of the $7.4-billion LuLu Group (and the only Indian to be elected to the Director Board of Abu Dhabi Chamber of Commerce) with major investments in retail, hospitality and food processing sectors in India, has revealed his future investment plans in Gujarat, Uttar Pradesh, Kerala, Andhra Pradesh and Telangana. While the group is investing around Dh550 million and Dh2.5 billion in Uttar Pradesh and Kerala, respectively, to set up shopping malls, a five-star hotel and convention centre and IT parks, another Dh1.46 billion will be spent in Telangana to set up a state-of-the-art Food Processing Unit, an integrated food processing plant, and a modern shopping mall in Hyderabad. Once completed, these projects will generate employment opportunities for more than 40,000 people.

In the state of Uttar Pradesh, LuLu will invest to set up malls at Varanasi and Noida, in addition to the mega mall, which is under construction in the capital city of Lucknow. Another big project will be a shopping mall, convention centre and five-star hotel planned in Vishakhapatnam, Andhra Pradesh, where LuLu will team up with the local government to set up the world-class facility at a cost of Dh410 million.

Apart from India, the LuLu Group has ambitious plans for Far East markets, where it recently opened hypermarkets in Malaysia and Indonesia, and plans to invest around Dh2.2 billion in the next five years.
 Closer to home in the GCC region, the group enjoys around 32 per cent market share of the organised retail sector with more than 160 stores. LuLu plans to add another 30 new hypermarkets by the end of 2019 in both existing and new markets in the GCC, India and the Far East.


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