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Will never invest in AP: Lulu Group

Thursday, November 21, 2019 • Telugu Comments

Will never invest in AP: Lulu Group

The YS Jagan government has been under fire for scaring investors.  In a new flush of embarrassment, UAE-based Lulu Group has said that it will never invest in Andhra Pradesh.  Its Rs 2,200 Cr project was cancelled a few months ago by the YSRCP government.  The project was approved by the TDP government, which lost power in May.  

An international convention centre, a shopping mall and a glitzy 5-star hotel were to be constructed by the company.  Land in Vizag was acquired by Lulu Group after "transparent bidding process".  

The project was expected to provide direct employment to 7,000 youths.

Saying that Lulu will continue to make investments in Telangana, Uttar Pradesh, and other States, the company added that it had incurred heavy expenses on the Vizag project before it was cancelled.

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