Lulu group to invest Rs 200 cr in J& K

UAE-based retail major Lulu group on Thursday said it will invest Rs 200 crore in Jammu & Kashmir to set up a food processing and logistic hub.

The Lulu group signed a memorandum of understanding (MoU) with the J&K government in this regard, the company said in a statement. The company will invest Rs 200 crore in the first phase.

The announcement was made by Lulu Group Chairman Yusuff Ali M A in the presence of J&K Lieutenant Governor Manoj Sinha during the MoU signing ceremony held in Dubai on Thursday.

The MoU was signed by Ranjan Prakash Thakur, principal secretary (industries and commerce), Government of Jammu & Kashmir; and Ashraf Ali MA, executive director of Lulu Group. Manoj Sinha, who is on an official visit to the UAE, also inaugurated ‘Kashmir Promotion Week’ at Lulu Hypermarket, Silicon Central Mall. —(PTI)