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The announcement was made by Yusuff Ali MA, Chairman of Lulu Group, within the presence of Manoj Sinha, Lt. Governor of the Union Territory of Jammu and Kashmir in Dubai.
“Within the first part, we will probably be investing Rs. 200cr and subsequently one other Rs. 200cr. has been earmarked for additional growth. I’m positive these initiatives is not going to solely present appreciable employment alternatives to the native youth but additionally profit the Agri sector and farmers immensely,” mentioned Yusuffali MA of LuLu Group.
The agency additionally plans to arrange a logistics hub and a hypermarket in Srinagar for uninterrupted provide. It expects to export merchandise price Rs. 500 crore yearly from J&Ok throughout its shops in gulf international locations. It plans to obtain Saffron, Rice Basmati, Apple, Almonds, Honey, Dry Mushroom, Honey, Walnuts, Dry Apricot, Qahwa with Sugar, Greens primarily Carrot, Brocolli, Cauliflower, White Radish amongst others from the geography.
Jammu and Kashmir ranks first within the manufacturing of saffron, apple, walnut, and almond in India.
Lt. Governor Manoj Sinha mentioned “LuLu group is already importing apples from Jammu and Kashmir. And with saffron, we’re including Kashmir’s most interesting spice to the basket. I’m sure that this new starting will take our commerce to unprecedented ranges”.
Lulu Group’s funding in Kashmir comes on the backdrop of the corporate’s chairman’s conferences held with Prime Minister Narendra Modi. Final 12 months, LULU Group has agreed to arrange a 100% export-oriented meals and agri produce processing park in Higher Noida with a complete funding of Rs 500 cr.
Lulu Group at present has 220 hypermarkets and buying malls within the Center East, Egypt, India, Malaysia and Indonesia with a world workforce of over 57,000 workers.
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