Lulu Group to invest Rs. 2400 crore in Kerala projects

NRI billionaire MA Yusuff Ali said recently that his Lulu Group will invest Rs. 2,400 crore to construct 50 lakh sq ft of IT space in Kerala. 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 crore 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.

The group had acquired L&T Tech Park at Infopark campus in 2014 for Rs. 150 crore and renamed it as Lulu Cyber Tower 1.

Ali said that his investments in the country include new malls in Lucknow, Vishakapatanam, Varanasi, Thiruvanthapuram 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 billionaire in the UAE with stakes in East India Company and Kerala-based Federal Bank.

THE FINANCIAL EXPRESS