Hyderabad, January 29: UAE based Lulu group inked three MoUs with Telangana government with an aim to develop retail and food processing industry in the state. Lulu Group- largest employer across UAE is being promoted by NRI businessman Yusuffali MA.
Under the MoUs, Lulu will invest an amount of USD 400 million (Rs 2,500 Crores) to construct 1.8 million square feet area of the mega shopping mall, set up food processing plant and a logistics and export processing unit for fruit and vegetables, an official release said.
The agreement was signed during the UAE visit of Telangana Industries Minister K T Rama Rao to Lulu group HO in Abu Dhabi, it said.
The foundation stone will be laid within next three months by the Telangana Chief Minister K Chandrasekhar Rao, it said adding approximately 6,000 people will get employment.
Yusuffali, Chairman, Lulu Group said, "Telangana being the newest state offers great potential for expansions and the kind of support and cooperation we have been receiving from the government has been very encouraging."
"We will begin the work within three months as the Telangana government has already initiated the process to hand over the land to us," added Yusuffali.
KT Rama Rao said, "We have always wanted world-class facilities for our state, especially in the retail and food sector. Being a leader in these sectors, Lulu Group is our natural choice and we have extended our fullest support and look forward to working with them in many more projects in the future".