Lulu Group, a UAE-based company, has announced plans to invest Rs. 3,500 crore in Telangana over the next five years. The investments will be focused on food processing, logistics, and retail outlets in the region. The Telangana government has already allocated land for a state-of-the-art export processing plant, which will process fruits, vegetables, millers, pulses, and spices.
The announcement was made by Lulu Group chairman and managing director MA Yusuff Ali in Hyderabad on Monday in the presence of Telangana Industries Minister KT Rama Rao. KTR welcomed the announcement of Lulu Group International's commencement of operations in Telangana.
In addition to the processing plant, Lulu Group will establish a logistics hub in Hyderabad for grading and packing products according to international standards. MA Yusuff Ali also revealed plans for a fish processing unit, rice procurement from Telangana, and the establishment of a meat processing plant.
Yusuff Ali expressed admiration for Telangana's achievements and stated that once the government allocates land, work on the fish processing plant will commence immediately. He highlighted Lulu Group's existing fish processing plant in Kochi and stressed on replicating its success in Telangana.
Lulu Group had previously signed a memorandum of understanding with the Telangana government during the World Economic Forum at Davos. As part of this agreement, the first project, a 5 lakh square feet mall, previously known as Manjeera Mall, has been re-branded as Lulu Mall. The mall, being built with an investment of Rs 500 crore, will be inaugurated in the last week of August or the first week of September.
In addition to the Lulu Mall, Lulu Group has proposed the development of three more malls in Telangana. One of these projects is a destination shopping mall in Hyderabad, with an estimated investment of Rs 2,000 crore. The group also plans to establish mini malls on the outskirts of the city as well as in other major cities and towns across the state.
Yusuff Ali said the process of identifying suitable land for these malls will be completed within a couple of months. Following the land acquisition, it is expected to take approximately 18 to 24 months for the malls to be launched.