Hyderabad: Lulu Group and BRS Ventures from the United Arab Emirates have come forward to invest Rs 3,500 crore in Telangana state.
Both firms on Sunday entered into memoranda of understanding with the Telangana state government during IT and industries minister K.T. Rama Rao’s ongoing visit to the UAE.
The Lulu group will develop retail and food processing industry in the state.
Under this MOU, the Lulu group will invest an amount of $400 million (Rs 2,500 crore) to construct a mega shopping mall, a logistics and export processing unit for fruits and vegetables.
This will create employment opportunities for 6,000 youngsters, according to a press release.
Dr B.R. Shetty’s group that is into healthcare, hospitality, pharmaceuticals, food, financial services, retail, trading, advertising and information technology in the United Arab Emirates will be investing Rs 1,000 crore in Telangana state in the next three to five years.
The BRS group will set up pharmaceutical manufacturing and research and development unit, medical device manufacturing unit, greenfield multi-specialty hospitals of aggregate capacity of 500 beds and higher education institutions in the medical, engineering and management sectors, the press release said.
