UAE’s Lulu group to invest Rs.7000 crore in India

lulu-group-logoNRI tycoon Yusuffali MA, who heads the Dubai based retail conglomerate, the Lulu Group, has announced investment of over Rs.7000 crore in India to set up shopping malls and hotels.

Ali said his group will invest Rs.4650 crore in Kerala, Rs.1000 crore in Uttar Pradesh and Rs.1419 crore in Telangana in the hospitality and retail sectors. Ali estimated that some $150 billion will flow into India’s retail, aviation, tourism and manufacturing sectors from the Gulf countries in the next few years.

He said Prime Minister Narendra Modi’s outreach to the Gulf nations, coupled with new initiatives to attract foreign investment have made India the most talked about FDI nation in the region that is hoping to broaden its non-oil investments.

Ali’s Lulu Group has already made major investments in retail, hospitality and food processing sectors in India. Last year Forbes magazine listed Ali as the 30th wealthiest Indian and the 737th richest in the world.

The Lulu Group is also setting up a world class IT Park in Kochi with an investment of Rs.1,400 crore.