Lulu group to invest Rs 3500 crore in Tamil Nadu

The multibillion-dollar Lulu group will be investing Rs 3,500 crore in Tamil Nadu, Chairman and Managing Director of Lulu group MA Yusuf Ali announced, while attending the investors' meet of Tamil Nadu in Dubai, on Saturday, March 26. The meet was organised by the state government, as the Tamil Nadu Chief Minister MK Stalin is on a four-day tour of the Middle East to look for investments. The Lulu group will build two shopping malls and an export-oriented food processing unit.

The group, according to a statement from the Tamil Nadu Chief Minister's Office, will sign the Memorandum of Understanding (MoU) on Monday in Abu Dhabi. Lulu group Chairman MA Yusuf Ali in a statement said that the group would commence construction of the malls soon and will provide employment to 5,000 people in the two malls.

MK Stalin in his speech said that ever since he assumed office as the Chief Minister, the state has signed 124 MoUs attracting an investment of 8 billion dollars, creating employment opportunities for 20,000 people. He said that the target of a trillion economy by 2030 is achievable and that the state has chalked out several programmes and activities, including developing infrastructure, upskilling the workforce to improve productivity and taking up measures to attract investments in new sectors like electric vehicles, technical textiles.

The Chief Minister also invited industrialists from the UAE to invest in food processing, hospitality, food parks and real estate sectors in Tamil Nadu. He also appealed to the investors from Dubai to invest in a massive furniture park that is coming up at Thoothukudi in Tamil Nadu.

MK Stalin told investors that the state is well-poised for growth and that the state has a positive Gross Domestic Product (GDP) growth rate of 5.8% when compared to negative growth in many other economies. He also said that the mission of the Tamil Nadu government was to attract investments in manufacturing and service sectors and develop the state into a massive investment hub.