M A Yusuf Ali, the Chairman of the Abu Dhabi-based LULU group, announced its plan to invest Rs 2,500 crores in Telangana within the next one year.
He shared this information when a delegation from the Telangana Government represented by Information Technology Minister K Taraka Rama 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 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 the assistance of the government in identifying suitable lands for the 3 projects and help in obtaining various approvals. (INN)