Ali said his group will invest Rs 4,650 crore in Kerala, Rs 1,000 crore in Uttar Pradesh and Rs 1,410 crore in Telangana in the hospitality and retail sector.
Complimenting the NDA government for raising FDI cap for various key sectors, Ali estimated that investment to the tune of $150 billion will flow into India’s retail, aviation, tourism and manufacturing sectors from the Gulf countries in the next few years.
He said Prime Minister Narendra Modi’s outreach to a number of Gulf nations coupled with new initiatives to attract foreign investment have made India the most talked about FDI destination in the region eyeing a broadening of its non-oil investment.
Ali’s Lulu Group, having an annual turnover of $6.3 billion, has already made major investments in retail, hospitality and food processing sectors in India.
The Forbes magazine had last year listed Ali, a first generation migrant to the Middle East, as the 30th wealthiest Indian and the 737th richest in the world.
