During his tenure, Jagan Mohan Reddy drove away several investors due to bad policies and Vendetta Politics. He drove away investors like Lulu, Franklin Templeton, etc just because they were brought by the previous administration.
Back then, Lulu Group made a strong statement. They vowed never to invest in Andhra Pradesh and released a Press Statement about the same.
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The Statement was a very bad testimony to Andhra Pradesh before the investors.
Chandrababu Naidu initiated talks with Lulu Group immediately after coming to power and convinced the Group Chairman to rethink his decision.
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Sources say that CBN constituted a team that held talks for two months to convince Lulu Group to change its decision.
They were also promised that there would be no risk for their investments as the Opposition was done and dusted. Also, the major promises to the investors from the Government side will be kept in this term itself.
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Lulu Group’s Chairman & MD Yusuffali M. A. and the Executive Director, Mr Ashraf Ali MA met the Chief Minister in Amaravati and discussed plans to invest around 3,500 Crore in Andhra Pradesh.
They discussed plans for a Mall and multiplex in Vizag, Hypermarket, and multiplexes in Vijayawada and Tirupati, along with investments in the food processing sector across the state.
The photographs especially the one Chandrababu is hugging Yusuffali M. A. are a powerful message to the investors.
This is much needed as the state has big plans to attract investors and generate employment on a large scale in the next five years.
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