Ali said his group will invest Rs.4,650 crore in Kerala, Rs.1,000 crore in Uttar Pradesh and Rs.1,410 crore in Telangana in the hospitality and retail sectors. Ali’s Lulu Group, having an annual turnover of $6.3 billion, has already made major investments in retail, hospitality and food processing sectors in India. Lulu Group is also a setting up an information technology park at Kochi with an investment of Rs.1,400 crore. Lulu Group will invest Rs4,650 crore in Kerala, Rs1,000 crore in Uttar Pradesh and Rs1,410 crore in Telangana in the hospitality and retail sectorsNew Delhi: Buoyed by relaxation of foreign direct investment (FDI) norms, non-resident Indian businessman Yusuffali M.A., who heads the Dubai-based retail conglomerate Lulu Group, has announced an investment of over Rs.7,000 crore in India for setting up shopping malls and hotels. In Kerala, Ali said his group is making an investment of Rs.4,650 crore in a number of projects.

Source: Mint July 03, 2016 16:18 UTC