If it needs to be quoted as an example for the state government’s helplessness to cash the opportunities, losing a $300 million project from a leading UAE-based Group would be the first. While the political analysts from across the country have raised the brows over the government musing over the political strategies rather lending its hand to the crippling economy, neighbouring Karnataka successfully bagged the golden opportunity.
It is to the known knowledge that the UAE-based Lulu Group has announced that it won’t invest in Andhra Pradesh after AP government cancelled the land allotment in Visakhapatnam for the development of an international shopping mall and convention hall. Rounding it off, the state lost an investment of Rs 2,200 crore which is indeed a setback to the state in terms of investment and jobs creation. In the latest revelation, Karnataka Chief Minister Yeddiyurappa has announced their $300 million deal with Lulu Group which will invest in retail, logistics and hospitality sectors of the state. Yes, this is the same golden project Andhra Pradesh missed while the Group is ready to commence their constructions in Visakhapatnam.
Talking over their investments in Karnataka, Yusuff Ali MA, chairman and managing director of Lulu Group stated that also set up two five-star hotels in Bengaluru through Twenty14, Lulu’s hospitality arm and a modern logistics centre in the Uttara Kannada region. This news has triggered debates in AP political circles over Jagan’s adamant attitude towards the investors. Political analysts stated that the situations in the state started slipping out of hands, while the Chief Minister himself is busy with his legal team over various CBI cases and with strategies to curb the oppositions to pass bills in ruling’s favour.