The NRI tycoon Yusuffali MA, who heads the Dubai based retail conglomerate, the Lulu Group, has announced investment of whopping over Rs.7,000 crore in India to set up shopping malls and hotels. They will be making the investment over the next four years.
Ali, who hails from Kerala, said his group will invest Rs.4,650 crore in Kerala, Rs.1,000 crore in Uttar Pradesh and Rs.1,419 crore in Telangana in the hospitality and retail sectors. Ali estimated that some $150 billion will flow into India’s retail, aviation, tourism and manufacturing sectors from the Gulf countries in the next few years.
He credited Indian Prime Minister Narendra Modi’s outreach to the Gulf nations, coupled with new initiatives to attract foreign investment - the Indian government has already made relaxation of FDI norms and removed many restrictions to facilitate investment. Aiming to attract overseas funds, the Indian government has decided that non-repatriable investments by such NRIs will be treated as domestic investments and not be subject to foreign direct investment caps.
Ali’s Lulu Group runs a retail chain of over 120 hypermarkets in the Middle East, with construction of mega shopping complexes in Chennai, Hyderabad, Bengaluru and Thiruvananthapuram. The group has already made several major investments in retail, hospitality and food processing sectors in India. Last year Forbes magazine listed Ali as the 30th wealthiest Indian and the 737th richest in the world.
The Lulu Group is also setting up a world class IT Park in Kochi with an investment of Rs.1,400 crore. NRI tycoon Yusuffali M A, is the first generation migrant to the Middle East.