NE BUSINESS BUREAU
CHENNAI, MARCH 27
The multibillion-dollar Lulu group of Keralite NRI businessman M.A. Yusuf Ali will be investing Rs 3,500 crore in Tamil Nadu. This was announced by the group chairman and Managing Director M.A. Yusuf Ali while attending the investors’ meet of Tamil Nadu in Dubai.
The meet was organised by the Tamil Nadu state government on Saturday. Chief Minister of Tamil Nadu, M.K. Stalin, who is on a four-day tour of the Middle East to scout investments, was present at the meet.
#UAE முதலீட்டாளர் அமைப்பு உறுப்பினர்கள் & முன்னணி நிறுவனங்களின் தலைமை நிர்வாக அதிகாரிகளுடன் நிகழ்த்திய சந்திப்பையடுத்து 9,700 பேர்களுக்கு வேலைவாய்ப்பளித்திடும் வகையில் 2,600 கோடி ரூபாய் மதிப்பிலான முதலீடுகள் ஈர்க்கப்பட்டுள்ளன.
நமது இலக்குகளை நோக்கி விரைந்து நடைபோடுவோம்! pic.twitter.com/j6rwYKfdTm
— M.K.Stalin (@mkstalin) March 26, 2022
The Lulu group will build two shopping malls and an export-oriented food processing unit.
The group, according to a statement from the Tamil Nadu Chief Minister’s office will ink the Memorandum of Understanding on Monday in Abu Dhabi. The Lulu group Chairman M.A. Yusuf Ali in a statement said that the group would commence construction of the malls soon and will provide employment to 5,000 people in the two malls.
Tamil Nadu Chief Minister M.K. Stalin in his speech said that ever since he assumed office as the Chief Minister, the state has signed 124 MoU’s attracting an investment of 8 billion dollars creating employment opportunities for 20,000 people.
He said that the target of a trillion economy by 2030 is achievable and that the state has chalked out several programmes and activities, including developing infrastructure, upskilling the workforce to improve productivity, and taking up measures to attract investments in new sectors like electric vehicles, technical textiles, and other sectors.
The Chief Minister also invited industrialists from the UAE to invest in food processing, hospitality, food parks, and real estate sectors in Tamil Nadu.
