india

LULU group to invest Rs 2400 crore to develope IT space in Kochi

The UAE based group had acquired L&T Tech Park at Infopark campus in Kochi in 2014 at a cost of Rs 150 crore and renamed it as Lulu Cyber Tower 1. Nearly 15 lakh sq ft of IT space will be added to the group on Saturday when Lulu Cyber tower 2 will be formally inaugurated.

NRI billionaire MA Yusuff Ali Thursday said that his Lulu Group will invest Rs 2400 crores to construct 50 lakh sq ft of IT space in Kerala. The UAE based group had acquired L&T Tech Park at Infopark campus in Kochi in 2014 at a cost of Rs 150 crore and renamed it as Lulu Cyber Tower 1. Nearly 15 lakh sq ft of IT space will be added to the group on Saturday when Lulu Cyber tower 2 will be formally inaugurated.

“We have invested Rs 400 crores on the tower 2 and 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 with creches and doctor on call,” Yusuff Ali told reporters.

Ali said that his investments in the country include new malls in Lucknow, Vishakapatanam, Varanasi, Thiruvananthapuram and Hyderabad. Last year,  Ali had purchased the iconic London building that once housed the headquarters of Scotland Yard. He is one of the richest billionaires in UAE with stakes in East India Company and Kerala based Federal Bank. His group company, “Twenty Fourteen Holdings”, which is based in Abu Dhabi, recently bought the 241-room Waldorf Astoria Edinburgh, the Caledonian. With an annual turnover in excess of USD 6.9 billion, Lulu group has interests in retail, hospitality and food processing. Lulu Hypermarkets operates 154 stores across the Middle East, India, Malaysia and Indonesia.

Source: Read Full Article