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Dubai's Lulu group to invest Rs 7,000 crore in India to set up malls, hotels

To begin with, the company will be investing Rs 4,650 crore in Kerala, Rs 1,000 crore in Uttar Pradesh, and Rs 1,410 crore in Telangana in the hospitality and retail sector.


Buoyed by relaxation of FDI norms, NRI tycoon Yusuffali M A, who heads the Dubai-based retail conglomerate Lulu Group, has announced investment of over Rs 7,000 crore in India for setting up shopping malls and hotels. Ali said his group will invest Rs 4,650 crore in Kerala, Rs 1,000 crore in Uttar Pradesh and Rs 1,410 crore in Telangana in the hospitality and retail sector. Complimenting the NDA government for raising FDI cap for various key sectors, Ali estimated that investment to the tune of USD 150 billion will flow into India's retail, aviation, tourism and manufacturing sectors from the Gulf countries in the next few years.