UAE's Lulu to build $463m PPP-led mixed-use project in south India
The Abu Dhabi-based retail giant is "fully committed" to completing the mixed-use development in Vishakapatnam within 36 months, chairman Yusuff Ali MA said
UAE-based Lulu Group announced the launch of a $462.8m (AED1.7bn) mixed-use project in a south Indian state.
The retailer, headquartered in Abu Dhabi, will develop the project in the Indian state of Andhra Pradesh through a public-private partnership (PPP) agreement.
A 7,000-capacity convention centre, a shopping mall, and a luxury hotel will be developed in Andhra Pradesh's Vishakapatnam city.
Lulu Group's chief said his team had concluded "many rounds of fruitful discussions with the government of Andhra Pradesh", and commended the speed with which the project had been approved.
Yusuff Ali MA, chairman and managing director of Lulu Group, said the project would provide "a world-class shopping experience to both tourists and residents" of Andhra Pradesh.
According to a report by Arabian Business, he added: "We hope to complete this prestigious project by 2021.
"We are fully committed to completing [the project] within 36 months."
More than 200 retail brands, a hypermarket, a 11-screen multiplex, 2,500-strong food courts, and more than 20 food and beverage (F&B) outlets will be developed within the project.