LuLu Group to invest ₹3,500 crore in Tamil Nadu for three major projects
The Hindu
Two malls to come up at ₹2,500 crore, a food processing project at ₹1,000 crore
A Memorandum of Understanding (MoU) was signed between the Tamil Nadu government and LuLu Group in the presence of Chief Minister M.K. Stalin in Abu Dhabi to implement three major projects in the State at a total investment of ₹3,500 crore.
While two malls are to come up at a total investment of ₹2,500 crore, a food processing project is to be implemented at an investment of ₹1,000 crore, an official release from the Tamil Nadu government issued in Chennai said. About 5,000 people are expected to get employment in these projects. The MoU was signed in LuLu Group Chairman and Managing Director Yusuff Ali’s residence in Abu Dhabi.
Industries Minister Thangam Thennarasu and senior officials of the State government were also present on the occasion. Earlier in the day, Mr. Stalin and his officials held discussions with senior officials of leading companies in Emirates Palace in Mubadala Tower in Abu Dhabi.
During his meeting with Mubadala’s Head of Infrastructure Saed Arar, the Chief Minister invited him to invest in infrastructure projects in Tamil Nadu. The Chief Minister further invited Mubadala for constituting a working committee with Tamil Nadu Infrastructure Fund Management Corporation for coming up with proposals towards implementing green energy, road infrastructure, industrial parks and data centres, among others.
During his meeting with the Chairman of the Federation of the UAE Chambers of Commerce and Industry Abdulla Mohammed Al Mazroeui, Mr. Stalin invited companies in the UAE to invest in food processing, food parks, cold-storage facilities, cargo and related services and other sectors in Tamil Nadu, the release said.
Mr. Stalin also suggested that goods from Tamil Nadu could be exported to UAE and west African countries. “The Chief Minister also invited companies that are into real estate projects like residential tenements, commercial complexes, business zones, godowns to invest in Chennai, Coimbatore, Madurai and Hosur, where demands are high for these infrastructure.”
Mr. Stalin also held talks with ADQ Chief Executive Officer (CEO) Mohammed Alsuwaidi over investment proposals in health and food processing sectors in Tamil Nadu.
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