Billionaire exudes confidence in youth driving Indian market

The Abu Dhabi-based NRI owned LuLu Group International will lay foundation of its shopping mall-convention complex-hotel hub construction at Vishakhapatnam next month, making it the biggest project of its US$2 billion investment being made in India 2017-2020.

Disclosing this in Singapore, the group chairman and managing director Yusuf Ali M.A. said other ongoing investment include the construction of a shopping mall in Lucknow.

LuLu Group has also planned another shopping centre in Hyderabad and a food processing plant in the Telangana state.

The group, which has a series of shopping malls and retail outlets in the United Arab Emirates, will inaugurate its Lulu Bolgary Shopping Centre in Cochin in about six months.

This will be second complex in the southern city, he added. The first is LuLu Shopping Mall Kochi which has been operating for four years.

He reaffirmed LuLu Group’s commitment to the Indian market, citing the liberalized Foreign Direct Investment (FDI), especially regarding Non-Resident Indians’ participation in the Indian economy as domestic investors.

The government’s decision to rate NRI investments as domestic investments has made India hot destination for NRI investments, stressed Yusuff.

The billionaire businessman exuded confidence in the Indian retail market with demand for quality food and services as well as branded products coming from young Indians.

The shopping complexes brings them the world’s best products, he pointed out. fii-news.com