Lulu Group to invest Rs 1,000 crore in Kozhikode
Lulu Group chairman Yusuff Ali M.A. declared launching a Rs 1,000 crore project in the city including a shopping mall, convention centre, art gallery and other business establishments, at Mankavu. Announcing the project in Dubai on Tuesday Yusuff Ali said that the project, which was on the verge of cancellation due to delay in ensuring official clearance, was declared after the intervention of Chief Minister Pinarayi Vijayan who assured all help and issuing of all necessary licenses.
The foundation stone would be laid within three months and the project would be completed within thirty months, Yussuf Ali said. The project would provide employment to as many as 3000 youths, he said. The sudden declaration is in honour of the Chief Minister of the state who had extended us all out support, he said.
It is to be recalled that recently the Chief Minister had urged the Lulu Group chairman to invest more in the state. The project was announced soon after. But the endless delay in the processing of the necessary licenses resulted in backing out of the group from the project. But the strong intervention of chief minister Pinarayi Vijayan who himself monitored the quick processing of the papers resulted in getting all clearance for the project in time.
This is part of the UAE-based group’s Rs 13,000 crore investments across the country, which also include a shopping mall in Lucknow; hotel, convention centre and mall in Visakhapatnam; a shopping mall in Hyderabad and food processing centres in Telangana. Last month, Lulu Group opened Rs 1800-crore hotel-cum-convention centre at the Bolgatty Island, which is being managed by the Hyatt Hotels and Resorts.
