Telangana Industries & Commerce Principal Secretary Jayesh Ranjan and the BRS Ventures (A group company of B R Shetty Group), UAE signed MoUs on Sunday at UAE in the presence of Industry Minister K T Rama Rao, for three Mega Investments.
Dr B R Shetty’s group has diversified into various sectors including healthcare, hospitality, pharmaceuticals, food, financial services, retail, trading, advertising and information technology in the United Arab Emirates.
Under the MoU BRS will invest Rs 1,000 crores over a period of 3 to 5. BRS will set up Pharmaceutical manufacturing and R&D unit on approximately 20 acres land.
The company also to set up Greenfield Multi Specialty Hospitals of aggregate capacity of 500 beds on aggregate land size of 20 acres & Higher Education institutions – Medical, Engineering and Management on approximately 50 acres, an official statement here said.
Lulu Group has also signed a memorandum of understanding with Indian state of Telangana to develop retail and food processing industry in the state.
Under this MOU, Lulu will invest an amount of USD 400 million (Rs 2500 crores or Dhs. 1.45 billion) to construct 1.8 million sq. feet area of mega shopping mall, setting up of food processing plant and a logistics & export processing unit for fruit & vegetable.
The agreement was signed during the UAE visit of Mr Rama Rao along with a high-level delegation to Lulu group HO in Abu Dhabi.Speaking on the occasion, Yusuffali MA, Chairman, Lulu Group said “As part of our expansion plans for India, we are excited to sign these MOUs today.
Telangana being the newest state offers great potential for expansions and the kind of support and cooperation we have been receiving from the Govt. has been very encouraging. We will begin the work within 3 months as the Telangana Govt. has already initiated the process to hand over the land to us.”
Mr Rama Rao comment: “We have always wanted world-class facilities for our state, especially in the retail and food sector. Being a leader in these sectors, Lulu Group is our natural choice and we have extended our fullest support and look forward to working with them in many more projects in the future”.
The ffoundation stone to be laid within next 3 months by the Chief Minister.Approximately 6,000 people will get employment, the statement added.