Lulu Group Drops Its 1.7 Billion Worth ‘Investment Plan For Andhra Prad…

The foundation stone for the LuLu Group’s project was laid by Vice President M. Venkaiah Naidu in February, 2018 during the inaugural session of CII Partnership Summit in the presence of then Andhra Pradesh Chief Minister N. Chandra Babu Naidu.

Lulu Group Drops Its Dh.1.7 Billion Investment Plan For Andhra Pradesh Lulu Group Drops Its 1.7 Billion Worth ‘Investment Plan For Andhra Prad... Lulu Group Drops Its 1.7 Billion Worth ‘Investment Plan For Andhra Prad… ys jagan e1574381608863
Lulu Group Drops Its Dh.1.7 Billion Investment Plan For Andhra Pradesh

Emirati multinational conglomerate company the LuLu Group International on 21st of November decided to pull Dh.1.7 Billion worth investment plan out of Andhra Pradesh.

The move followed a decision by the YSR Congress party chief YS Jagan Mohan Reddy led Andhra Pradesh government on 30th of October withdrawing land allotment to Lulu Group.

According to Ananth Ram (Lulu Group’s India Director)’s statement, the company agreed to the decision of the Andhra Pradesh government to withdraw the land allotment for this project.

However, given the current scenario, the company has decided not to invest in any new projects in Andhra Pradesh, said LuLu Group’s India Director.

According to Ananth Ram’s statement, LuLu group’s investment plans in other states like Telangana, Tamil Nadu, Kerala and Uttar Pradesh would continue in keeping with schedule.

The land was allotted to LuLu group during N. Chandrababu Naidu led Telugu Desam Party regime for developing an international convention centre at Harbour Park on the beach road of Visakhapatnam.

On 24th of February 2018, LuLu Group had launched one of the largest projects of its kind in the state of Andhra Pradesh.

Through a Public Private Partnership (PPP) route the group planned to set up an integrated project, comprising 7000 capacity a world-class convention center, shopping mall and a luxury hotel on the beach road in the Harbour Park area of Visakhapatnam aimed to making it a global destination for “Meetings, Incentives, Conferencing and Exhibitions (MICE) tourism.

The foundation stone for the project was laid by Vice President M. Venkaiah Naidu during the inaugural session of CII Partnership Summit in the presence of then Andhra Pradesh Chief Minister Chandra Babu Naidu, Union Commerce Minister Suresh Prabhu, Civil Aviation Minister Ashok Gajapathy Raju, Abdulla Ahmed Saleh, Under Secretary for Foreign Trade and Industry, Ministry of Economy of UAE, Yusuffali M.A. Chairman of LuLu Group, state ministers, diplomats and delegates from across the world.

“We hope to complete this prestigious project by 2021, said the group’s Chairman & MD Yusuff Ali during the opening ceremony.

“It’ll also provide a world-class shopping experience to both Tourists and the residents of Sunrise state,” he said.

The LuLu group planned to build a Mall which will have more than 200 national and international brands, a hyperMarket, 11 screens multiplex, family entertainment center, food courts with 2500 seats and more than 20 F&B outlets and fine dining concepts.

“Andhra Pradesh being the newest state in India has tremendous potential for investments in various Sectors especially in hospitality and retail.” Yusuffali said

The LuLu group also wanted to complete the prestigious project within 36 months. But, now they decided to pull the project out of Andhra Pradesh.