Lulu Group to invest Rs 2,400 cr to develop IT sector in Kerala


In order to promote the growth of  IT sector in Kerala, the Abu Dhabi-based Lulu group is planning to invest Rs 2400 cr on the development of 50 lakh sqft of IT space in Kochi.


The group chairman M A Yusuff Ali said its second tower in Infopark Kochi will become available to the IT companies from Saturday. This 15 lakh sqft building has been constructed at a cost of Rs 400 cr, and is to be inaugurated by Kerala chief minister Pinarayi Vijayan.


"We have leased out 40% of the space in the new IT tower. We are in the final stages of discussion with two big IT companies of the US," Ali said. The building has 19 floors with ten floors of IT space and is expected to create job opportunities for 11,000 IT professionals.


Two other major IT buildings are being constructed at SmartCity Kochi with a total space of 35 lakh sqft. It is expected to be completed in next two years.


Four years ago, the group had taken over L&T building in Infopark and developed facilities for IT companies, adjacent to the new building. At the moment, it is house to 20 IT companies employing more than 5000 IT professionals.


“`The idea is to promote non-polluting industries like IT and tourism. Creating good IT infrastructure in Kerala will attract more talents especially as the job opportunities in the Gulf sector are declining,’’ Ali said.


The group is also involved in the construction of several malls in Uttar Pradesh, Andhra Pradesh, Telangana, Tamil Nadu and Karnataka. The group has 154 hypermarkets currently spread over 22 countries.

Written by The Realty Paper

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