UP woos investors: signs MoU with LuLu Group for six shopping malls

Dubai: Hypermarket chain owner and retail network LuLu Group signed a Memorandum of Understanding (MoU) with Uttar Pradesh government on Tuesday based on which the retail giant will set up six shopping malls and one hotel in UP;

Uttar Pradesh MSME minister Rakesh Sachan signed the agreement on behalf of the government.

The MoU provides for LuLu setting up shopping malls and hypermarkets in Noida, Varanasi, Gorakhpur, Ayodhya, Kanpur, and Prayagraj with a total investment of Rs 4,500 crore.

The shopping mall project in Sector 108, Noida will also have a five-star hotel.

The total of the new investment in the state is expected to create 20,000 jobs in the state once the project is complete.

The Minister signed the MoU in the presence of Narendra Bhushan, Principal Secretary PWD, and Ashraf Ali M.A. - Executive Director of LuLu Group in the presence of Rakesh Sanchan during the UP Investment Roadshow.

The launch of Lucknow LuLu Mall, one of the largest shopping centres in North India, Lulu Group represents a rapid expansion of LuLu's India operations in the retail and food processing sector.

The mega shopping mall was inaugurated by Uttar Pradesh Chief Minister Yogi Adityanath.

During the tour, Sachan along with a team of officials are meeting investors in Dubai to attract and invite them for the Global Investment Summit to be held on February 10-12.

Sachan said that the target of the Uttar Pradesh government is to make the state's economy reach $245 billion by 2027.

"With a population of 240 million, our target is that Uttar Pradesh's share in the country's $5 trillion economy should be around 20 per cent. For that, the Yogi government of the state has made many changes under the ease of doing business policy. In 2019, in the ease of doing business rating, Uttar Pradesh jumped 12 places and secured the second position," the Minister said.

The Uttar Pradesh government is also encouraging investors from Dubai to invest in hospitality, infrastructure, food processing, agro and food security, and real estate sectors.

The target of the government is to bring an investment of $13 billion in the state during the Global Investment Summit.

Apart from LuLu Group, Alana Group, VPS Health Care and many other big names have shown interest in investing in the state.

Narendra Bhushan, Principal Secretary of PWD, said Uttar Pradesh is the only state from where 38 per cent of the country's total expressways pass by.

K.V. Raju - Economic Advisor to the Chief Minister, said that the Uttar Pradesh government has formed eight delegations comprising 14 ministers and nearly 35 officers, who are visiting 17 countries in a span of about 15 days to invite investors for the upcoming Global Investors Summit, in the state in February.

They are meeting investors in Canada, South Korea, Sydney, Brazil, Brussels, Australia, UK, Germany, and Mexico.

The government has also announced 100 new townships to attract investors.

- Based on IANS Feed