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LuLu Group will invest $400 million (about Rs 2,500 crore) to construct a 1.8-million sq ft shopping mall in Hyderabad. It will also set up a food processing plant and a logistics and export processing unit for fruits and vegetables.
The group signed an agreement with officials of the Telangana government during their visit to the group’s headquarters in Abu Dhabi on Sunday. Telangana IT and Industries Minister K. T. Rama Rao and IT and Industries Secretary Jayesh Ranjan were part of the delegation. The team stopped by at Abu Dhabi while returning to Hyderabad from Davos, where it attended the World Economic Forum meeting.
“We will begin work in three months as the Telangana government has already initiated the process to hand over the land to us,” Yusuffali MA, Chairman, LuLu Group, said. “Telangana Chief Minister K Chandrasekhara Rao will lay the foundation stone for the mall project in Hyderabad in three months. It is expected to provide jobs to 6,000 people,” a government statement said.
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