Lulu Group to invest Rs 2,400 crore to construct 50 lakh sq ft IT space in Kerala

By: | Updated: November 8, 2018 7:48 PM

With an annual turnover of over $6.9 billion, the Lulu group has interests in hospitality, retail and food processing. Lulu Hypermarkets operates 154 stores across West Asia, Malaysia, India and Indonesia.

Yusuff Ali had purchased the iconic building that once housed the headquarters of Scotland Yard to be redeveloped into a hotel.

The Lulu Group will invest Rs 2,400 crore to construct 50 lakh sq ft of IT space in Kerala, NRI billionaire MA Yusuff Ali said in Kochi on Thursday. The AbuDhabi-based group had acquired L&T Tech Park at Infopark campus in 2014 for Rs 150 crore. Following the acquisition, the park was renamed as Lulu Cyber Tower 1. Nearly 15 lakh sq ft of IT space will be added on Saturday, when Lulu Cyber tower 2 will be inaugurated.

“We have invested Rs 400 crore on Tower 2. By 2021 another building of 35,000 sq ft will be formally launched. Tower 2 can accommodate 11,000 IT professionals and the new twin tower coming up nearby would be even bigger and innovative,” Yusuff Ali told reporters.

Ali said that his investments in the country include new malls in Varanasi, Lucknow, Vishakapatanam, Hyderabad and Thiruvanthapuram.

With an annual turnover of over $6.9 billion, the Lulu group has interests in hospitality, retail and food processing. Lulu Hypermarkets operates 154 stores across West Asia, Malaysia, India and Indonesia.

Ali had purchased the iconic building that once housed the headquarters of Scotland Yard to be redeveloped into a hotel. He is the richest Indian in UAE. His group company,Twenty Fourteen Holdings, also based in Abu Dhabi, recently bought the 241-room Waldorf Astoria Edinburgh.

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