Lulu Group plans to invest Rs1,000 crore in India

Lulu Group plans to invest Rs1,000 crore in India

 

Lulu Group, a $5.4billion Abu Dhabi based conglomerate is going to invest about Rs1,000 crore in the hospitality sector in India over a period of five years. The hospitality investment arm of Lulu Group International, Twenty14 Holdings, has assets worth around $650 million in UK, the middle east and India. The company purchased its first property in India in last December 2015 near Cochin International Airport in Kerala, and thus marked its entry into the mid-scale hotel segment. The second property which it owned is in Bangalore in 2016, which is branded as courtyard by Marriott. Mr Abeed Ahamed, managing director of Twenty14 Holdings told that it will invest Rs1000 crore fund to acquire properties in India in the next five years. Presently the market is a little  bit stressed, and they don’t see a large upside to it in the short run, but in the long run, they will always see benefits he added. The financial services arm of Lulu group, Lulu Financial Group, had closed around $4.5 billion remittance transfers last year, with 50% of the fund flown to Indian market. The organisation is expecting a single-digit growth this year.

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