Lulu Group and BR Shetty Group to invest Rs 3500 Cr in Telangana

Hyderabad Jan 29: Two more Companies from UAE have shown interest to invest in Telangana.Business conglomerates Lulu Group and B R Shetty Group signed separate Memoranda of Understanding (MoU) with the State government on Sunday for a combined investment of Rs 3,500 crore in the State. Lulu Group will invest Rs 2,500 crore, B R Shetty Group will invest Rs 1,000 crore.

Sources said that " MoUs were signed in the presence of IT and Industries Minister KT Rama Rao, by Principal Secretary for IT and Industries Jayesh Ranjan and Lulu Group managing director Yusuff Ali MA and BRS Ventures (a company of B R Shetty Group) chairman B R Shetty in separate events in Abu Dhabi."

Lulu Group would establish a vegetable processing unit in Medak district, a food processing unit in Ranga Reddy district and a mega shopping mall spread over 1.8 million sft near Malaysian Township in Hyderabad.These three projects are expected to generate direct employment to about 6,000 people in the State.

B R Shetty Group which will set up a pharma manufacturing and R&D (research and development) unit, a medical device manufacturing unit and also establish greenfield multi-specialty hospitals and higher education institutions.