MA Yusuf Ali, the Chairman of Abu Dhabi based LULU group, announced their plan to invest Rs 2,500 crore in Telangana within the next one year.
He shared this information when a delegation from Telangana Government represented by Information Technology Minister K Tarakarama Rao and Commissioner of Industries Jayesh Ranjan called on him.
The LULU group is the largest retail chain in the Middle-East having over 100 hypermarkets and having a turnover of over $5 billion. Yusuf Ali is considered to be the wealthiest person of Indian origin in the Gulf area. The LULU group wishes to invest in three projects in Telangana: a fruit and vegetable processing unit, an integrated meat processing unit; and a modern shopping mall in Hyderabad.
A team from the group will visit Hyderabad in the first half of January 2015 with detailed project reports and seek assistance of the government in identifying suitable lands for the 3 projects along with help in obtaining various approvals. (INN)