Abu Dhabi-based Lulu Group will invest 35 billion Indian rupees ($426.62 million) in the Indian state of Telangana over the next five years, the company Chairman Yusuff Ali MA said.

The 20 billion rupees shopping mall in Hyderabad is set to open in August, Asian News International news agency reported, citing Yusuff Ali speaking at a press conference.

He added that 10 billion rupees have been allocated to open mini-malls on the outskirts of Hyderabad and other major towns in Telangana.

In addition, a 2 billion rupees integrated meat processing plant will be opened in Hyderabad, which will have a production capacity of 60 tonnes per day.

The chairman said that Lulu is looking at an agriculture sourcing and logistics hub near Hyderabad airport and a seafood procurement and processing centre.

The investment decision comes after several discussions and a memorandum of understanding signed with the Telangana government at the World Economic Forum in Lagos last year.

Lulu has been expanding rapidly in India with investments in food processing and retail projects in Ahmedabad, Chennai, Srinagar, Great Noida and Varanasi.

The UAE-based group operates 250 hypermarkets and supermarkets across the GCC, Egypt, India, Indonesia and Malaysia. It has an annual turnover of $8 billion.
 

(Editing by Seban Scaria seban.scaria@lseg.com )