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'Won't invest in AP,' says Lulu group as it confirms TG, TN and UP

21-11-201921-11-2019 09:55:55 IST
2019-11-21T04:25:55.529Z21-11-2019 2019-11-21T04:25:51.091Z - - 03-04-2020

'Won't invest in AP,' says Lulu group as it confirms TG, TN and UP
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Less than a month after the Andhra Pradesh government cancelled the land allotment of 13.38 acres of land to the Lulu Group, the UAE based organisation has said that it will not invest in Andhra Pradesh anymore. 

"Our Group which is based in the Gulf had decided to invest Rs 2,200 crore in the state of Andhra Pradesh to build an International Convention Centre, Shopping Mall and a Five-Star Hotel project to provide global exposure to Visakhapatnam as a Convention & Shopping hub. Apart from this, the proposed mixed-use project was expected to provide employment to more than 7000 local youth, said Ananth Ra, Director for India, Lulu Group.

Lulu group was allotted the land in Visakhapatnam by the former Chief Minister Chandrababu Naidu which the YSRCP government took back alleging that the land was allotted for much lesser than the market value. 

"We had participated in a very transparent bidding process and were awarded the land on lease for this project," the company said.

Pointing out that they had incurred huge expenses towards initial project development costs which included appointing internationally renowned consultants and designing the project by world-class architects, the Lulu Group said that they agreed with the Andhra government's decision.

"Given the current scenario, we have decided not to invest in any new projects in the state of Andhra Pradesh," the statement said.

"At the same time, we wish to reconfirm that your investments in upcoming projects in the other states i.e., Uttar Pradesh, Telangana, Tamil Nadu and Kerala will go ahead as per schedule," it added.

The project worth Rs 2,200 crore would have brought in 5,000 direct and 5,000 indirect jobs to the state. 

The Lulu group project is not the first one to be cancelled by the YSRCP government since coming to power in May this year. A number of tenders and contracts including the prestigious Polavarm project tenders were cancelled by the Jaganmohan Reddy's government alleging its predecessors of corruption.

 


Sharat Bhamidi


With 5 years of experience in Digital Media, Sharat Bhamdi specialises in creating content for webistes, developing ad campaigns and social media campaigns. At NewsSting, he handles the video division where he brings in content through feature videos and interviews.
 sharat@rightfolio.co.in
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