Noida: The Uttar Pradesh government is encouraging investors from Dubai to invest in hospitality, infrastructure, food processing, agro and food security and real estate sectors. Hence, going a step ahead, the Uttar Pradesh government has signed a memorandum of understanding (MoU) with hypermarket and retail giant Lulu Group to set up six shopping malls and one hotel in the state. Uttar Pradesh MSME Minister Rakesh Sachan signed an agreement with Lulu Group in Dubai on Tuesday to set up a shopping mall and hotel, according to an official release. According to the MoU, shopping malls and hypermarkets will be set up in Noida, Varanasi, Gorakhpur, Ayodhya, Kanpur and Prayagraj with a total investment of Rs 4,500 crore.
The shopping mall project in Noida’s Sector 108 will also have a five-star hotel. The new investment by Lulu in Uttar Pradesh is expected to generate employment for over 20,000 people after completion.
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The MoU was signed in the presence of Rakesh Sanchan, Principal Secretary, PWD, Narendra Bhushan and Ashraf Ali MA, Executive Director, Lulu Group, during the UP Investment Roadshow.
Apart from Lulu Group, Alana Group, VPS Health Care and many other big names have shown interest in investing in the state. PWD Principal Secretary Narendra Bhushan said that Uttar Pradesh is the only state which has 38 percent of the country’s total expressways.
In addition, Indian Ambassador to the US Taranjit Singh Sandhu said that Uttar Pradesh has the promise of becoming an economic powerhouse of India. The Indian Ambassador to the US mentioned several transformative changes taking place in the state, including a business-friendly climate, ambitious defense corridors, world-class data centers and connectivity projects.
(With inputs from IANS)