The Telangana state is living up to the tag called, "The youngest state of the Nation." The state government officials, in association with the central government, have been bringing a lot of investments to the state. The latest update is that the government in the centre has approved 100% FDI In single-brand retail, foreign investments. As a result, the famous Abu Dhabi based company LuLu group signed an MOU [memorandum of understanding] with Telangana state government.
The Abu Dhabi based Lulu group has agreed to set up a state of art food processing unit in Medak district and a modern, world-class shopping mall in Hyderabad. The Lulu group will invest 2500crs rupees approximately for setting both projects in Telangana state.
Founded in 2013, LuLu group is a popular company that has built the largest shopping mall in India in Kochi in the area of 2.5 million square feet. Now, a similar mall has been proposed in the cities named Lucknow, Chennai, Bangalore, Thiruvananthapuram. Hyderabad is going to get the mall first and the LuLu group also has plans to build a 5-star hotel and a world conventional centre in Andhra Pradesh.
KTR, the minister for municipal administration, urban development has tweeted saying, "Abu Dhabi based LuLu Group signed an MoU with Telangana Govt to establish a vegetable/fruit processing unit in Medak dist, a food processing unit in RR district & a mega shopping mall of 1.8 mn sft in Hyderabad. Investment of 2500 Cr"