New Delhi: Jammu and Kashmir is all set to witness investment from Abu Dhabi-based Lulu Group. The Lulu Group has announced setting up food processing and logistics centre at cost of Rs 60 crore.
The decision was announced after Group”s Founder Chairman Yusuf Ali met a J&K delegation headed by its Principal Secretary (Agriculture) Navin Kumar Choudhary in Dubai on Thursday, the group said in a statement.
The group will invest around Rs 60 crore initially to set up a sorting centre and cold storage, which will be scaled up later, the spokesman said.
The project is set to generate direct employment for around 300 persons in the valley.
The group began importing apples and saffron from Kashmir last year and closed the year with 400 tonnes of imports worth Rs 25 crore, which will go up considerably with the new investment.
On average, Lulu group imports over Rs 400 crore worth of farm produce and other food items from India for supply in Middle East markets.
LuLu imported over 400 tonnes of Kashmiri apples between January and November this year, he said.
Abu Dhabi based Lulu Group International has shared its plan for setting up of a food processing centre in Srinagar, #Kashmir. Lulu Group commits to take partnership with Indian Union Territory of Jammu & Kashmir to next level. pic.twitter.com/2Sw2VALVDU
— Aditya Raj Kaul (@AdityaRajKaul) December 10, 2020
The group runs over 190 hypermarkets across the Gulf Cooperation Council and Far Eastern countries. It also has invested heavily in Ali”s home state, Kerala, and runs largest mall in Kochi.
