Lulu Group Makes a U-Turn: New Investments in Andhra Pradesh After Previous Exit
The recent development comes after a meeting was held between Chief Minister N. Chandrababu Naidu and Lulu Group Chairman.
AP CM Chandrababu Naidu welcome the Chairman & MD of Lulu Group International.
Abu Dhabi-based Lulu Group International, a diversified conglomerate, has announced its intention to invest in Andhra Pradesh, reversing its earlier decision to exit the state.
In 2019, the company vowed never to return after the YSRCP government allegedly revoked land allotments that had been granted under the previous TDP administration.
Earlier, the Lulu Group wanted to invest Rs 2,200 crore in an international convention center, shopping mall, and luxury hotel in Visakhapatnam. However, the plans were suspended following the change in government.
The recent development comes after a meeting was held between Chief Minister N. Chandrababu Naidu and Lulu Group Chairman and Managing Director MA Yusuff Ali in the AP capital Amaravati.
Both CBN and the Chairman also had a discussion related to investments in the food processing sector across AP.
Lulu has diverse verticals in hypermarkets, shopping malls, import and distribution, trading, shipping, and IT.
It operates in several countries, including the UAE, India, Saudi Arabia, Qatar, Bahrain, Kuwait, Oman, Egypt, Malaysia, and Indonesia.
It also has distribution networks extending to the Far East, Europe, the United States, Africa, Asia, and Australia.
Check out CBN's post:
