Dubai Times All About Dubai
UAE-based Lulu Group plans to invest ₹200 crores to build a food processing plant in India’s Jammu & Kashmir. The announcement was made by Lulu Group Chairman Yusuf Ali in the presence of Manoj Sinha, Deputy Governor of the United Territory of Jammu and Kashmir in Dubai.
“In the first phase, we will invest ₹200 crores, and then Rs. 200cr. It has been designated for further expansion. I believe these projects will not only provide considerable employment opportunities for local youth, but will also greatly benefit the agricultural sector and farmers,” said Yusuff Ali, chairman of LuLu Group.
The company also plans to build a logistics center and a hypermarket in Srinagar to provided uninterrupted supply of food items and groceries. It expects to export saffron, basmati rice, apples, almonds, honey, dried mushrooms, honey, walnuts, dried apricots, sugared kava, vegetables mainly carrots, broccoli, cauliflower, white radishes to overseas markets.
The production of saffron, apples, walnuts and almonds in Jammu and Kashmir ranks first in India.
Saffron, one of the high-value, low-volume cash crops, is predominantly cultivated in the ‘Karewas’ of Pampore, 15 kilometres south of Jammu and Kashmir’s capital Srinagar. But the precious saffron fields are shrinking fast along with the produce.
Jammu and Kashmir is the largest apple producing state in India at 11.2 metric tonnes, which accounts for 71% of national production. But fruit growers in Srinagar are facing huge losses with its low rate in Indian markets together with the hike in fertilizer prices and increased freight charges taking further toll on their profits.
Lieutenant Governor of Jammu & Kashmir Manoj Sinha said: “LuLu Group has imported apples from Jammu and Kashmir. With saffron, we add Kashmir’s best spices to the basket. I am sure that this new start will bring our trade to an unprecedented level,” he said.
Sinha termed it as a “historic agreement” and said the trade between Jammu and Kashmir and Dubai has remained steady and it reflects the resilience of the deep economic linkages.
“Relations between India and the UAE are long-standing and deep-rooted. People-to-people contact and trade have seen momentum in the recent years under the leadership of Prime Minister Narendra Modi,” the Lieutenant Governor said.
Sinha also met the Chairman of DP World, Sultan Ahmed bin Sulayem in Dubai. He discussed the opportunities and potential areas of collaboration between the J&K Government and DP World, a Dubai-based company specializing in cargo logistics, port terminal operations, maritime services, and free trade zones.
Lulu Group’s investment in Kashmir was carried out in the context of a meeting between the chairman of the company and Indian Prime Minister Narendra Modi last year. LULU Group had then revealed plans to establish a 100% export-oriented food and agricultural products processing park in Greater Noida, with a total investment of ₹500 crores.
Lulu Group currently has 220 hypermarkets and shopping malls in the Middle East, Egypt, India, Malaysia and Indonesia, and more than 57,000 employees worldwide.
