LuLu Group, a Middle Eastern retailer, proposes to spend INR 200 crores on a food processing business in Jammu & Kashmir.
Yusuff Ali MA, Chairman of the Lulu Group, announced in Dubai in the presence of Manoj Sinha, Lt. Governor of the Union Territory of Jammu & Kashmir.
“In the first phase, we will be investing INR. 200 cr and subsequently another Rs. 200cr. has been earmarked for further expansion. I am sure these projects will not only provide considerable employment opportunities to the local youth but also benefit the Agri sector and farmers immensely,” said Yusuff Ali MA of LuLu Group.
The company aims to build a logistics hub and a hypermarket in Srinagar for consistent supply. It intends to export products from J&K worth INR 500 crore each year to its stores in the Gulf. Saffron, Basmati Rice, Apple, Almonds, Honey, Dry Mushroom, Honey, Walnuts, Dry Apricot, Qahwa with Sugar, Vegetables primarily Carrot, Brocolli, Cauliflower, White Radish, and other products will be procured from the region. In India, Jammu & Kashmir produces the most saffron, apple, walnut, and almond.
Lt. Governor Manoj Sinha said, “LuLu group is already importing apples from Jammu and Kashmir. And with saffron, we are adding Kashmir’s finest spice to the basket. I am certain that this new beginning will take our trade to unprecedented levels”.
The investment by the Lulu Group in Kashmir comes after the company’s chairman met with Prime Minister Narendra Modi. Last year, the LULU Group invested INR 500 crores in Greater Noida to build a 100% export-oriented food and agro produce processing facility.
With a global workforce of over 57,000 employees, the Lulu Group currently operates 220 hypermarkets and shopping malls across the Middle East, Egypt, India, Malaysia, and Indonesia.