Kerala IT, logistics to receive FDI from Dubai’s Emke Group
Dubai-based Emke Group is set to roll out Rs 700-crore investments in IT and logistics infrastructure in Kerala this year.They had already invested Rs 1,200-crore in Lulu mall in Kochi, and this is their second investment in India. This clearly shows that the real estate foreign investments are increasing and Arun Jaitley FDI plans are taking shape.
Emke Group is best known for its Lulu Hypermarket chain in GCC (Gulf Co-Operation Council) countries. They had earlier announced Rs 3,000-crore urban infrastructure investment in three cities in Kerala- Thiruvananthapuram, Kochi and Kozhikode. These projects had a proposed life span of three years.
Emke Group’s managing director M A Yousef Ali’s team had given this information. They also mentioned that Lulu Cybertower Phase II and the state-of-the-art logistics park will be the first set of Emke Group’s Indian projects to take off.
Kerala CM Oommen Chandy will lay the foundation stone for the work on Phase II of Cybertower in Kochi and the ceremony will happen this month. The sources close to M. A. Yousef Ali also mentioned that the logistics park in Aluva is almost complete and it will be inaugurated before December 2014.
Emkay Logistics which was set up with an investment of Rs 300 crore, will emerge as the largest logistics park in South India.
Source- The Financial Express
Arun Jaitley, Emkay Logistics, Emke Group, FDI India, GCC, Gulf Co-Operation Council, Kerala, Kochi, logistics park in Aluva, Lulu Mall, Thiruvananthapuram
