UAE-based retail company LuLu has signed three memoranda of understanding (MoU) with the Indian state of Telangana.
As per the agreement, the company will invest $400m in the state to construct a 1.8 million square feet shopping mall in Hyderabad.
LuLu is also planning to set-up a food processing unit in Telangana and has agreed to establish logistics, and fruit and vegetable export processing units.
LuLu Group chairman Yusuffali was quoted by Hindu Business Line as saying: “We will begin the work in three months as the Telangana government has already initiated the process to hand over the land to us.”
The agreement was signed between the retail group and the Telangana government officials during their visit to LuLu Group headquarters in Abu Dhabi.
Telangana information and technology minister KT Rama Rao was quoted by Press Trust of India as saying: “We have always wanted world-class facilities for our state, especially in the retail and food sector.
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By GlobalData“Being a leader in these sectors, Lulu Group is our natural choice and we have extended our fullest support and look forward to working with them on many more projects in the future”.
The shopping mall is expected to create nearly 6,000 employment opportunities in the city.
Khaleej Times reported that the company is planning to respectively investing AED550m ($149m) and AED2.5bn ($680m) in Uttar Pradesh and Kerala to open shopping malls, a five-star hotel and a convention centre.
The group recently opened hypermarkets in Malaysia and Indonesia.
