Home » LuLu group to invest ₹2000 cr in Karnataka, generate 10000 new jobs | Bengaluru

LuLu group to invest ₹2000 cr in Karnataka, generate 10000 new jobs | Bengaluru

LuLu group to invest ₹2000 cr in Karnataka, generate 10000 new jobs | Bengaluru

Bangalore:

The Karnataka government on Monday said that it had signed a 2,000-crore investment proposal from LuLu group at the ongoing annual meeting of the World Economic Forum (WEF) in Davos, Switzerland.

In a statement, the chief minister’s office (CMO) said that it signed a memorandum of understanding (MoU) with AV Anantharaman, director of Lulu International Group, for the investment.

“The Lulu Group has come forward to invest 2,000 crore in Karnataka. The company intends to open four shopping malls and a HyperMarket. It is also keen to establish export-oriented food units in the state. The projects are expected to create employment opportunities for 10,000 persons,” according to the statement.

Chief minister Basavaraj Bommai, and cabinet ministers Murugesh Nirani and Dr CN Ashwath Narayan are in Davos to try and get investors into Karnataka and help the state generate jobs and infuse fresh capital to revive the economy which is yet to recover fully from the Covid-19 pandemic-induced slowdown.

Bommai also held talks with heads of Jubilant Group, Hitachi and Siemens companies at Davos.

“The chief minister invited the company to explore the investment opportunities in pharma and FMCG sectors in the state. He made a pitch for the FMCG Park being established in Dharwad and explained the incentive package being offered by the state to draw the investors to set up their units here. Jubilant Food Works has decided to set up its centralised Kitchen and Jubilant Biosys is keen to establish its R & D unit on a 10 acre plot at Devanahalli. Presently about 9,000 persons are working with Jubilant in the state,” according to the statement.

Karnataka topped the foreign direct investment (FDI) list last year with 53% share in computer hardware and software sectors out of the total $83.57 billion received in India in 2021-22.

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Bommai is trying hard to show some semblance of development after allegations that he has deflected attention away from rising unemployment, price rise and other issues by fanning communal passions ahead of the 2023 assembly elections.

The CMO statement added that Hitachi had expressed interest in setting up an EV charging infrastructure unit in the state and is building an engineering centre which would engage about 2,000 engineers.

Siemens is taking up two projects in Bengaluru focusing on magnetic imaging and diagnostics and a health-related R & D project and the company plans to lay the foundation stone for setting up a medical equipment manufacturing unit at Bommasandra in September 2022 to cater to the domestic market. Bommai has been invited for the programme. The company currently has about 2000 engineers, the CMO said.

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