Multinational conglomerate LuLu Group International on Saturday pledged to invest Rs 3,500 crore in Tamil Nadu to build two shopping malls and set up an export-oriented food processing unit in the southern state.
M A Yusuff Ali, Chairman and Managing Director of LuLu Group International made the announcement in the presence of Tamil Nadu Chief Minister M K Stalin on Saturday at an Investors’ Conclave organized by the state government in Dubai.
Ali, while complimenting Tamil Nadu for its excellent state-of-the-art infrastructure, announced that his multi-national firm will sign two MoUs with the state government in Abu Dhabi on Monday. The first MoU will be to build two grand shopping malls in the state, while the second one relates to a food processing unit for exports.
He also added that the group will begin construction of the malls “very soon” and said that they will provide employment to over 5,000 people. At the Investors’ Conclave, the state government signed three MoUs with various companies, while three more will be inked during the CM’s visit.
In his speech, Stalin said the state government, ever since he assumed the office of Chief Minister in 2021, has signed 124 MoUs attracting investments worth $8 billion creating employment opportunities for nearly 20,000 people.
“Tamil Nadu has registered a positive GDP growth rate of 5.8 per cent in 2020-21 in contrast to negative growth in most economies. This clearly demonstrates why global investors have reposed their faith and confidence in Tamil Nadu,” Stalin said in his speech.
To achieve $1 trillion economy by 2030, Stalin said, the government is undertaking a number of activities such as improving the infrastructure, upskilling the workforce to improve productivity, and undertaking measures to attract investments in new sunrise sectors such as electric vehicles, advanced chemistry cells, and technical textiles.
Stalin invited industrialists from the UAE to invest in food processing, real estate, hospitality, and food parks among other sectors. He also asked investors from Dubai to consider setting up their units in a massive furniture park that is coming up in Thoothukudi in southern Tamil Nadu.
“Our goal is to attract investment across sectors, including manufacturing and services, and to develop Tamil Nadu into a global investment hub. Our mission is to achieve economic development through inclusive growth and maintaining social well-being,” Stalin said.
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