Lulu Group announces Rs 3,500 cr investment in Telangana, including malls, food processing units
text_fields
Hyderabad: Lulu Group, the UAE-headquartered multinational retailer, has officially announced its entry into the state of Telangana, marking the commencement of its operations in the region. The company revealed its bold plans to invest a staggering Rs 3,500 crore over the next five years.
The investment was made possible through a memorandum of understanding (MoU) signed between the Lulu Group and Telangana government during last year's Davos summit. Following multiple rounds of discussions, the fruitful negotiations culminated in the landmark investment announcement by M A Yusuff Ali, Chairman and Managing Director of Lulu Group.
Ali outlined the company's ambitious plans, which include the construction of a state-of-the-art mall in Hyderabad, as well as another destination mall. Additionally, the Lulu Group intends to establish a logistic hub to support its procurement, grading, and packaging operations. These developments are expected to significantly boost employment opportunities in the region, with the group estimating the creation of 2,000 jobs through the opening of the Lulu shopping mall and hypermarket alone.
Moreover, Lulu Group expressed its commitment to supporting the agricultural sector in Telangana. They plan to set up a 100 per cent export-oriented food processing unit exclusively sourcing fruits, vegetables, millets, pulses, and spices from the state. The company also pledged to procure paddy from Telangana for export to Middle Eastern countries. Furthermore, the group intends to establish fish and meat processing plants, contributing to the state's pink (meat processing) revolution.
K T Rama Rao, Telangana's Industries Minister, applauded Lulu Group's decision to invest in the state and encouraged the establishment of the company's logistical base in Telangana. He emphasized the immense opportunities available in the region and highlighted the state's successful initiatives and schemes that have already ushered in a green revolution in agriculture, as well as the ongoing revolutions in inland fisheries, dairy, meat processing, and oil palms.
As part of the investment, a modern integrated meat processing plant with a production capacity of 60 tonnes per day will be set up at Chengicherla. This facility, estimated to cost Rs 200 crore, is projected to generate employment for over 2,500 personnel and is slated to commence commercial operations within the next 18 months.