Lulu Group International is all set to invest in Andhra Pradesh. Group chairman, Yusuf Ali, along with his team met chief minister N Chandrababu Naidu at Amaravati. He offered to invest in Visakhapatnam, Vijayawada and Tirupati in the state.
The group had initially planned to invest in Visakhapatnam. They planned to invest Rs 2,200 crore initially in Visakhapatnam and construct a shopping mall and a convention center with 5,000 seating capacity. They have signed an agreement with the state government in 2018.
However, with the YSR Congress forming the government in the state in the 2019 general election, things have changed. The state government had called for reverse tendering for the land given to the Lulu Group. Annoyed at this, the Lulu Group left Andhra Pradesh. It had then invested in Telangana, Kerala, Tamil Nadu and Uttar Pradesh.
Now, with the NDA forming the government in Andhra Pradesh and Chandrababu Naidu becoming the chief minister the Lulu Group had come back to the state. Yusuf Ali met Chandrababu Naidu and discussed about the investments in Andhra Pradesh.
The Lulu Group plans to construct a mall and multiplex in Visakhapatnam, Hyper Market and multiplex in Vijayawada and Tirupati. They plan to provide employment to over 50,000 people in the three cities. The investment too would be more than Rs 5,000 crore.
The Lulu Group chairman told the chief minister that they would soon start the work in Andhra Pradesh. They require lands from the state government for the group to start its activities, the chairman told the chief minister.
The chief minister also explained the initiatives of the government to promote investment in the state. While welcoming the Lulu Group, Chandrababu Naidu said that their entry into the state would give confidence to the other investors to come back to the state. He thanked the Lulu Group for coming to Andhra Pradesh.
He said that the NDA government in Andhra Pradesh is inviting the investors to the state. He said that the state government had changed several rules in favour of investors. The licenses and permits have been simplified and single window is opened, the chief minister told the Lulu Group chairman.
