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LuLu launches work on $340m project in India

International Business
Sun, 25 Feb 2018


Visakhapatnam: LuLu Group is set to construct a $340 million mixed-use mega project, comprising a world-class convention centre, shopping mall and five-star hotel in the coastal city of Visakhapatnam in Andhra Pradesh, India.

The group said, in a statement, the project is aimed at making the city a global destination for meetings, incentives, conferencing and exhibitions, and will create 10,000 jobs.

India’s Vice-President Venkaiah Naidu laid the foundation stone in the presence of Andhra Pradesh Chief Minister Chandra Babu Naidu, LuLu Group chairman Yusuffali MA, executive director Ashraf Ali MA, director Ananth AV, senior government officials, diplomats and delegates from across the world.

Mr Yusuffali said, “We hope to complete this prestigious project by 2021. It will provide a world-class shopping experience for both tourists and residents of the state.”

“The mall will have more than 200 national and international brands, hypermarket, 11 screens multiplex, family entertainment centre, food courts with 2,500 seats and more than 20 F&B outlets and fine dining concepts.

“We have made investments worth $2 billion in India and are looking at possibilities of further investment in retail, hospitality and food processing in various parts of the country,” he said.

Andhra Pradesh, being the newest state in India, has tremendous potential for investments in various sectors especially in hospitality and retail. We’ve had many rounds of fruitful discussions with the state government and the speed with which they approved our project is commendable. We are fully committed to completing this project within 36 months,” added Mr Yusuffali.