Lulu Group, a retail conglomerate based in the United Arab Emirates, announced on Thursday that it will invest $200 million in Jammu and Kashmir to build a food processing and logistics hub.
In this regard, the Lulu group inked a memorandum of understanding (MoU) with the Jammu and Kashmir government, according to a statement from the firm.
In the first phase, the business will invest Rs 200 crore.
During the MoU signing ceremony in Dubai on Thursday, Lulu Group Chairman Yusuff Ali M.A. made the announcement in the presence of J&K Lieutenant Governor Manoj Sinha.
Ranjan Prakash Thakur, Principal Secretary (Industries and Commerce) of the Government of Jammu and Kashmir, and Ashraf Ali M.A., executive director of the Lulu Group, signed the MoU.
Manoj Sinha, who is in the UAE for a three-day official visit, also kicked off the ‘Kashmir Promotion Week’ at Lulu Hypermarket in Silicon Central Mall.