: LuLu Group to set up food unit in JK #finance #StockMarketNEWS #Business Press Trust of India New Delhi UAE-based retail major Lulu group on Thursday said it will invest Rs 200 crore in Jammu

Posted in: #finance #StockMarketNEWS #Business

LuLu Group to set up food unit in JK #finance #StockMarketNEWS #Business
Press Trust of India

New Delhi

UAE-based retail major Lulu group on Thursday said it will invest Rs 200 crore in Jammu & Kashmir to set up a food processing and logistic hub.

The Lulu group signed a memorandum of understanding (MoU) with the J&K government in this regard, the company said. The company will invest Rs 200 crore in the first phase.

The announcement was made by Lulu Group Chairman Yusuff Ali M. A. in the presence of J&K Lieutenant Governor Manoj Sinha during the MoU signing ceremony held in Dubaion Thursday.

The MoU was signed by Ranjan Prakash Thakur, principal secretary (industries and commerce), Government of Jammu & Kashmir; and Ashraf Ali MA, executive director ofLulu Group.

Manoj Sinha, who is on a three-day official visit to the UAE, also inaugurated ‘Kashmir Promotion Week’ at Lulu Hypermarket, Silicon Central Mall. Sinha termed it as a “historic agreement�? and said the trade between Jammu & Kashmir and Dubai has remained steadyand it reflects the resilience of the deep economiclinkages.

“Relations between India and the UAE are long-standing and deep-rooted. People-to-people contact and trade have seen momentum in the recent years under the leadership of Prime Minister Narendra Modi,�? the lieutenant governor said.

The week-long promotion will highlight Kashmiri fruits, vegetables, Saffron, dry fruits, pulses, handicrafts and other specialty products.

Yusuffali MA said: “In the first phase, we will be investing Rs 200 crore; and subsequently, another Rs 200 crore has been earmarked for further expansion. �?

“Setting up of a Lulu Hypermarket is also in the plan. I am sure these projects will not only give considerable employment opportunities to the local youth but also benefit the agri sector and farmers immensely,�? he added.

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 set up 100% export-oriented food and agri-produce processing park in Greater Noida.

In India, the Lulu group already has four operational shopping malls at Kochi, Thrissur, Trivandrum and Bengaluru.

The mall at Bengaluru is not owned by the Lulu group but it is managing and operating the property.

The Lulu group currently has 220 hypermarkets and shopping malls in the Middle East, Egypt, India, Malaysia and Indonesia with a global workforce of over 57,000 employees.

The world-famous GI-tagged saffron has been launched at LuLu Hypermarket, which is a major step towards boosting the Jammu & Kashmir-Dubai partnership, Sinha said.