New Delhi: LuLu Group International is set to invest in India's food processing and retail sectors in a big way. This was disclosed by MA Yusuff Ali, the Chairman and Managing Director of the Abu Dhabi-based multinational group, in a meeting with Indian Prime Minister Narendra Modi in New Delhi on Thursday.
Yusuff Ali apprised the prime minister of his conglomerate's business plans for India.
The LuLu retail malls in Lucknow and Thiruvananthapuram will be opened late this year. So far the LuLu Group has invested Rs 5,000 crore in the Indian retail sector. This has helped create several job opportunities, Yusuff Ali conveyed to the Narendra Modi.
Yusuff Ali lauded Indian government's efforts to boost the domestic economy hit hard by the COVID-19 pandemic.
The commercial and industrial sectors have got a new lease of life with the stimulus packages being executed by the central government, he noted.
More and more Non-Resident Indians (NRIs) are willing to invest in India owing to the central government's policy of considering their investments as domestic investments, Yusuff Ali said referring to new norms of the Department for Promotion of Industry and Internal Trade (DPIIT).
Investment by NRIs on non-repatriation basis in an Indian company will be treated as domestic investment for the purpose of calculating indirect overseas inflows, a DPIIT press note in March 2021 stated.
Food processing initiatives
The LuLu Group will be active in the food processing sector in several Indian states. The preliminary work of such an initiative in Greater Noida, close to the Delhi border of Uttar Pradesh, is now on.
Earlier this year Lulu Group had announced its expansion plans in Uttar Pradesh, involving Rs 200 crore more investment at Greater Noida.
The new investments will flow into the agriculture and information technology sectors in the state. For this, the UP government has allotted 20 acres in Greater Noida, where a modern agri-produce sourcing, processing and packaging and logistics centre will come up at an investment of Rs 200 crore. The Lulu Group has already invested around Rs 2,000 crore in the state to set up the biggest shopping mall in Lucknow, PTI had reported.
Exports from Kashmir
The LuLu Group will promote exports of food produce from Kashmir, Yusuff Ali informed the PM.
Kashmiri products are sought-after in the Middle East, the businessman with roots in Kerala, added.
The UAE-based group has also drawn up plans for Gujarat.
A food-processing centre and hypermarket are being planned in Gujarat and talks in this regard are under way.
PM lauds LuLu Group
The Prime Minister reportedly appreciated the efforts of the LuLu Group to advance India's food security efforts and promote domestic food products globally.
The farmers are set to gain good prices for their crops as local produce are promoted and such moves have instilled confidence in them, Modi observed.
The prime minister also conveyed best wishes to Yusuff Ali for LuLu Group's activities in India.
Prime minister's official residence at Lok Kalyan Marg, New Delhi, was the venue of the meeting.