Yusuff Ali’s LuLu to invest Rs 10,000 crore in India over 3 years to complete ongoing projects

News Network

June 26, 2023

Hyderabad, June 26: UAE-based Lulu Group will be investing Rs 10,000 crore in India on various ongoing projects over the next three years and the UAE-based conglomerate has invested over Rs 20,000 crore in the country, Lulu Chairman Yusuff Ali MA said here on Monday.

He also said his aim is to provide employment to 50,000 people in India and so far his various enterprises have given over 22,000 jobs.

Yusuff Ali also said the Lulu Group has committed about Rs 3,500 crore in investments in Telangana in the next five years in various projects including a Destination Shopping Malls (Rs 3,000 crore) here and also in other cities in the state.

"We have got an investment of more than Rs 20,000 crore in different areas including shopping malls, hotels, and food processing units (in India). We will increase this," he said.

"We have started the construction of a shopping mall in Ahmedabad. And also another one in Chennai we are coming up. A food processing plant is coming up in Noida and another one in Telangana. It is Rs 10,000 crore investments in the next three years," Yusuff Ali said when asked about the overall investments on the upcoming projects.

He further said Prime Minister Narendra Modi has liberalised NRI investment laws and according to that all investments by non-resident Indians are treated as domestic investments.

He said a five lakh sq ft Lulu Mall built with an investment of Rs 300 crore here will be inaugurated in August and an export-oriented modern integrated meat processing plant and state-of-the-art Destination Mall (2.2 million sq ft) will also come up.

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Adani Group in Crisis: $30 Billion Wiped Out after US Bribery and Fraud Charges Emerge

News Network

November 21,2024

Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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