Sources have stated that NRI tycoon Yusuffali MA who heads the Dubai Based retail conglomerate Lulu Group has recently announced investment of over Rs.7000 crores in India for setting up of shopping malls and hotels and Ali has said that his group will invest Rs.4650 crores in Kerala and Rs. 1000 crores in Uttar Pradesh and Rs. 1410 crores in Telangana in the hospitality and retail sector.
Ali has told that the PM Narendra Modi’s outreach to a number of Gulf nations coupled with new initiatives to attract foreign investment have made India the most talked about TDI destination in the region which is eyeing to broaden its non-oil investment and there will be tremendous push from the Gulf investors into India as they are looking to broaden their non-oil investment.
In Kerala Mr. Ali has said that his group is making an investment of Rs.4650 crores in a number of projects and a shopping mall and a five star hotel with an investment of Rs.1350 crores is being set up in Thiruvananthapuram and he has also added that another five star hotel will come up in Kochi at an investment of Rs.1500 crores. The Lulu group is also setting a world class IT Park with an investment of Rs.1500 crores.
