Lulu Group to invest Rs.350 crore in Infopark

The Lulu Group, owned by NRI businessman M.A. Yusuf Ali, will invest Rs.350 crore to further develop the L&T Tech Park, located at the Infopark campus here, which it recently acquired for Rs.150 crore.

Currently, L&T Tech Park has a four lakh sqft IT building in its 7.44 acre campus and is going to build another nine lakh square feet space.

Subject to the approval of the Registrar of Companies, the L&T Tech Park will be known as Lulu Tech Park Limited.

"Lulu group is proposing an investment of Rs.350 crore to build another nine lakh sqft of IT space at Infopark. Within a week, we will be submitting the proposal before the Single Window Board and Ministry of Environment (MoE) for clearances. The construction is expected to start by October 2015 after getting clearances. The project is expected to be completed within three years," said Infopark Chief Executive Officer Hrishikesh Nair.

The project, on completion, is expected to create an additional employment of 13,000 to 15,000.

Ali had last year opened a state-of-art Rs.1,600 crore shopping mall at Kochi. A Rs.600 crore convention centre and a luxury hotel are also coming up near here over 26 acres, which Ali has termed as his dream project.