Davos: With the intention to spread its operation in India, particularly in South India, the Lulu International Group announced an investment plan for Karnataka and Telangana.
At the World Economic Forum (WEF) meet being held in Davos, an MoU for the investment of Rs 2000 crore has been signed between the Karnataka government and the Lulu Group in the presence of Chief Minister Basavaraj Bommai.
Apart from the proposal to open four shopping malls and hypermarkets, the Lulu Group intends to establish export-oriented food units in Karnataka. The said projects are expected to create jobs for at least 10,000 people, said a statement released by the state government.
Meanwhile, an announcement of a Rs 500 crore investment in Telangana has also been made jointly by the IT and industries minister K.T. Rama Rao and the Lulu Group Chairman Yusuf Ali at the Davos meeting.
On behalf of the Telangana government, KTR handed over the necessary permission documents to Yusuf Ali for the food processing unit to be set up by the company. Yusuf Ali said that besides this investment, they also have plans of setting up another unit in the food processing sector and an official announcement in this regard would be made soon.
Yusuf Ali further promised to invest more in the construction of large-scale commercial complexes in the state of Telangana.