The Abu Dhabi-based conglomerate Lulu Group and Spain’s Chemo Pharma announced investment plans for Telangana following meetings with Industries and IT Minister K.T. Rama Rao at the World Economic Forum in Davos.
The Lulu Group will invest ₹ 500 crore in the food processing sector, Mr. Rao’s office said in a release after CMD of the Group M.A. Yusuf Ali met the Minister. The Minister, who handed over necessary permission documents, on behalf of the State government, for the unit tweeted that the firm will create a world class food processing facility entirely directed for exports. The facility will have backward linkages and provide a remunerative market for farmers in the State involved in horticulture and Livestock rearing.
Mr. Ali said the group also has plans to set up another food processing unit and will make an announcement on that soon. The group would also be investing more in construction of large-scale commercial complexes in the State. “We have already selected several areas in Hyderabad city and are in talks with the property owners. Our aim is to build a shopping mall of international standards in Hyderabad,” he said.
