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Yusuff Ali MA, chairman of Abu Dhabi-based Lulu Group, said it will invest 35 billion Indian rupees ($426.62 million) in the Indian state of Telangana over the next five years.
The Rs 2,000-crore mall in Hyderabad will open in August, AsiaNews International reported, citing Yousef Ali as speaking at a press conference.
He added that Rs 1,000 crore has been allocated for the opening of small malls in the suburbs of Hyderabad and other major towns in Telangana.
Also, an integrated meat processing plant at a cost of Rs 200 crore with a capacity of 60 tons per day will be opened in Hyderabad.
Lulu is considering setting up an agricultural procurement and logistics center and a seafood procurement and processing center near the Hyderabad airport, the chairman said.
The investment decision came after numerous discussions and the signing of a memorandum of understanding with the Telangana state government at the World Economic Forum in Lagos last year.
Lulu has rapidly expanded in India, investing in food processing and retail projects in Ahmedabad, Chennai, Srinagar, Greater Noida and Varanasi.
The UAE-based group operates 250 hypermarkets and supermarkets in the Gulf Cooperation Council, Egypt, India, Indonesia and Malaysia. The annual turnover reaches 8 billion US dollars.
(Editing by Saipan Scalia seban.scaria@lseg.com )
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