UAE-based Lulu Group to invest Rs 1,000 crore in UP

The investment in UP will create an employment for 3,000 people, said Chairman of Lulu Group

Dubai-based Indian business tycoon's Lulu Group will invest Rs 1,000 crore in Uttar Pradesh's capital Lucknow to set up a convention centre, shopping mall and a five star hotel.

Announcing this Chairman of Lulu Group MA Yusuff Ali said: "As a businessman I travel to many countries. But whether I go to Europe, Asia or far East, or in the Gulf countries, I find NRI's from Uttar Pradesh and the state of Kerala".

The investment in UP will create an employment for 3,000 people, Ali said while addressing the maiden UP Prawasi Divas in Agra on Monday.

"I don't believe in declarations, we believe in work. If everything is ready, we promise to begin our construction."

With a net worth of $3.4 billion, Ali was ranked 24th on Forbes' list of India's richest 100 people last year. He also hit the headlines in July last year for the $170 million purchase of the iconic Scotland Yard building in London.

UP Chief Minister Akhilesh Yadav who was present at the function said the Pravasi Diwas was a positive start to the state government's efforts to reach out to its non-residents and for the state machinery to facilitate their connection with roots.

"I welcome Ali's promise to invest in Uttar Pradesh. The government will make every effort to ensure that land and any other assistance is provided to him so that he can begin work," he said.

Lulu currently operates 118 hypermarkets and shopping malls in the Middle East and India. Globally, Lulu Group employs more than 35,000 people. Lulu hypermarkets and department stores have a 32% share of the retail market in Gulf Cooperation Council countries.

The group also has invested in India's retail market with a mega mall in Kochi, Kerala.