The Lulu International Group is looking to make more headway in south India, as it signed a Memorandum of Understanding (MoU) with the Karnataka government on Monday, May 23, and also announced an investment in Telangana. The Karnataka government signed an MoU with the Lulu group for an investment of Rs 2,000 crore in the presence of Chief Minister Basavaraj Bommai at the World Economic Forum (WEF) meet being held in Davos, Switzerland. Lulu Group intends to open four shopping malls and hypermarkets.
It is also keen to establish export-oriented food units in Karnataka, and the projects are expected to create employment opportunities for 10,000 people, the Chief Minister's office said in a statement.
Similarly, Lulu Group will start their operations in the food processing sector in Telangana with an investment of Rs 500 crore in Telangana. The investment was announced during a meeting between KT Rama Rao, popularly known as KTR, and the company head Yusuff Ali in Davos.
On behalf of the Telangana government, KTR handed over the necessary permission documents to Yusuff Ali for the food processing unit to be set up by the company. Yusuff Ali said that besides this investment, they also have plans of setting up another unit in the food processing sector and an official announcement in this regard would be made soon.
He said they would be laying the foundation stone for their food processing units shortly. The company's unit would export food processing products from Telangana, it said. He further said the Lulu group would invest more in the construction of large-scale commercial complexes in the state of Telangana.
Expressing happiness over Lulu Group's investment decision, KTR said the Telangana government was working towards establishing demand for agricultural products and agricultural allied products through food processing units. Lulu Group's setting up an international-level food processing unit would help this cause, he said.