Lulu Mall is coming to Hyderabad
New and bulk investments to India and the youngest state of this nation – Telangana are inline. Now that PM Modi-led govt has approved 100% FDI in single brand retail, foreign businessmen are looking forward to make major investments in Telangana state.
Earlier on Sunday, an Abu Dhabi-based liability company ‘LuLu group’ signed an MOU (Memorandum of Understanding) with Telangana state government to set up a state-of-art food processing unit in Medak district and a modern, world-class shopping mall in Hyderabad.
The Lulu group will reportedly invest 1.46 billion Dirhams (2,500 Crore INR approx) for both the projects in state, apart from Dh 550 Million & Dh 2.5 billion in Uttar Pradesh and Kerala respectively.
The Lulu group, in 2013, has built a largest shopping mall of India in Kochi and it is built in an area of 2.5 Million square feet. The group is planning to construct similar malls in rest of the Indian cities including Lucknow, Chennai, Bengaluru and Thiruvananthapuram. Minister KTR has official made the announcement after signing an MoU with LuLu group founder and MD M.A Yousuf Ali.
Also, the LuLu is expected to build a five star hotel and a world-class convention center in the port city of Andhra Pradesh- Vishakapatnam at a cost of Dh410 Million.
