The Abu Dhabi-based Lulu Group International, a diversified conglomerate, has reversed its earlier decision to refrain from investing in Andhra Pradesh, expressing eagerness to re-enter the state after exiting during the previous YSR Congress regime. NSE 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..
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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.
