Lulu Group will invest Rs 200 crore in Jammu and Kashmir to set up food processing hub
The UAE-based large retail Lulu group said on Thursday it will invest Rs 200 crore in Jammu & Kashmir (J&K) to set up a food processing and logistics center.
The Lulu group signed a memorandum of understanding with the J&K government in this regard, the company said in a statement.
The company will invest Rs 200 crore in the first phase.
The announcement was made by Lulu Group Chairman Yusuff Ali MA in the presence of J&K Lieutenant Governor Manoj Sinha at the MoU signing ceremony held in Dubai on Thursday.
The MoU was signed by Ranjan Prakash Thakur, Chief Secretary (Industry and Trade), Government of Jammu & Kashmir; and Ashraf Ali MA, Executive Director of Lulu Group.
Manoj Sinha, who is making a three-day official visit to the UAE, has also inaugurated ‘Kashmir Promotion Week’ at Lulu Hypermarket, Silicon Central Mall.
Sinha called it a “historic deal” and said trade between Jammu & Kashmir and Dubai has remained stable and reflects the resilience of the deep economic ties.
“Relationships between India and the UAE are long-standing and deep-rooted. People-trade contacts have gained momentum in recent years under Prime Minister Narendra Modi,” said the Lieutenant Governor.
Last month, the Lulu group announced an investment of Rs 2,000 crore near Ahmedabad to set up a modern shopping mall.
It also announced an investment of Rs 500 crore to set up a food processing plant in Greater Noida, Uttar Pradesh.
The company will establish a 100 percent export-oriented food and agricultural processing park in Greater Noida in Uttar Pradesh.
In India, the Lulu group already has four operational shopping centers in Kochi, Thrissur, Trivandrum and Bengaluru.
The Lulu group currently has 220 hypermarkets and shopping centers in the Middle East, Egypt, India, Malaysia and Indonesia with a global workforce of more than 57,000 employees.
