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In 2019, the company declared it would never invest in the state after the government, led by YS Jagan Mohan Reddy, allegedly revoked land allotments. Previously, under the Telugu Desam Party (TDP) administration from 2014 to 2019, Lulu Group had signed an agreement to establish an international convention centre, a shopping mall, and a luxury hotel in Visakhapatnam, with an investment commitment of ₹2,200 crore. However, these plans were abandoned following the change in government.
The recent development follows a meeting between Chief Minister N Chandrababu Naidu and Lulu Group Chairman and Managing Director MA Yusuff Ali on Saturday, September 28, in Amaravati.
I’m pleased to welcome the Chairman & MD of Lulu Group International, Mr @Yusuffali_MA, and the Executive Director, Mr Ashraf Ali MA, back to Andhra Pradesh. I had a very productive meeting with their delegation in Amaravati today. We discussed plans for a Mall and multiplex in… pic.twitter.com/itk1RuUIHX
— N Chandrababu Naidu (@ncbn) September 28, 2024
The discussions included plans for a mall and multiplex in Visakhapatnam, as well as hypermarkets and multiplexes in Vijayawada and Tirupati. The meeting also included talks about potential investments in the food processing sector throughout the state.
Lulu Group is a major player in the Middle East, boasting an annual turnover of $8 billion and employing around 70,000 people. Its operations span hypermarkets, shopping malls, import and distribution, trading, shipping, and IT. The company has a presence in various countries, including the UAE, India, Saudi Arabia, Qatar, Bahrain, Kuwait, Oman, Egypt, Malaysia, and Indonesia, with distribution networks across the Far East, Europe, the United States, Africa, Asia, and Australia.
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