Investors who have left the state annoyed with regressive policies and harassment of YS Jaganmohan Reddy’s government are again showing interest towards Andhra Pradesh after change of government.
International trading company Lulu Group has again expressed interest to invest in the state. In addition to Visakhapatnam, now they are showing interest in construction of malls and multiplexes in Vijayawada and Tirupati and investments in the food purification sector.
International company Lulu Group, which left the state five years ago when it got tired of Jagan’s government’s policies and said it would never invest in AP, has again set foot in AP after Chandrababu Naidu became the Chief Minister. The chairman of the company Yusuf Ali along with his team came to Amaravati and met with CM Chandrababu.
The Chief Minister extended a warm welcome to them. Later they discussed the investment opportunities in the state. Yusuf Ali showed interest in construction of mall, multiplex, hypermarket and multiplex in Vijayawada and Tirupati along with investments in food processing sector in Visakhapatnam.
On this occasion, Chandrababu assured them that they are giving priority to easy trade and fast business. He believes that with the arrival of companies like Lulu Group, there will be a discussion on investment opportunities in AP among industrialists, which will benefit the state.
He explained to them new policies they are taking to encourage investments. On the way back, Chandrababu hugged Yusuf Ali and came to the car to say goodbye to him. The AP government signed an agreement with the Lulu Group at the investors’ conference held in the year 2018 with the aim of providing employment to 10,000 people by constructing a shopping mall, an international level convention center with a capacity of 5,000 seats and a five star hotel in Visakha with an investment of Rs.2200 crores.
The then TDP government allocated 13.83 acres of land for this. In this background, Lulu Group has prepared designs with international consultants. The foundation stone of the project was also laid. But, soon after coming to power, chief minister YS Jaganmohan Reddy tried to throw mud alleging irregularities in land allocations and cancel the contract in the name of ‘reverse tendering’.
Annoyed with Jagan’s government, Lulu Group issued a press statement that they will no longer invest in AP. Soon after that they went there after being invited by various states including Telangana, Tamil Nadu, Uttar Pradesh and Kerala. In Telangana and Tamil Nadu Rs 3,500 crore worth projects have been started.