UAE-based retail main Lulu group on Thursday mentioned it’s going to make investments Rs 200 crore in Jammu & Kashmir (J&Okay) to arrange a meals processing and logistic hub.
The Lulu group signed a memorandum of understanding (MoU) with the J&Okay authorities on this regard, the corporate mentioned in a press release.
The corporate will make investments Rs 200 crore within the first section.
The announcement was made by Lulu Group Chairman Yusuff Ali M A within the presence of J&Okay Lieutenant Governor Manoj Sinha through the MoU signing ceremony held in Dubai on Thursday.
The MoU was signed by Ranjan Prakash Thakur, principal secretary (industries and commerce), Authorities of Jammu & Kashmir; and Ashraf Ali MA, govt director of Lulu Group.
Manoj Sinha, who’s on a three-day official go to to the UAE, additionally inaugurated ‘Kashmir Promotion Week’ at Lulu Hypermarket, Silicon Central Mall.
Mr Sinha termed it as a “historic settlement” and mentioned the commerce between Jammu & Kashmir and Dubai has remained regular and it displays the resilience of the deep financial linkages.
“Relations between India and the UAE are long-standing and deep-rooted. Folks-to-people contact and commerce have seen momentum within the current years underneath the management of Prime Minister Narendra Modi,” the lieutenant governor mentioned.
Final month, the Lulu group introduced an funding of Rs 2,000 crore close to Ahmedabad to arrange a contemporary shopping center.
It additionally introduced an funding of Rs 500 crore to arrange a meals processing plant in Higher Noida, Uttar Pradesh.
The corporate will arrange 100 per cent export-oriented meals and agri-produce processing park in Higher Noida in Uttar Pradesh.
In India, the Lulu group already has 4 operational purchasing malls at Kochi, Thrissur, Trivandrum and Bengaluru.
The Lulu group at present has 220 hypermarkets and purchasing malls within the Center East, Egypt, India, Malaysia and Indonesia with a world workforce of over 57,000 staff.