Billionaire Wang Jianlin’s Dalian Wanda Group agreed to spearhead a $10 Billion (Rs 67,780 crore) project to build an industrial park in India. It would be one of the biggest development projects in the country. Wanda Group is China’s biggest commercial property developer.
Wanda Group signed a preliminary agreement with the state of Haryana to build an industrial zone. The first phase of “Wanda Industrial New City”, the construction of which may begin this year, will span 13 sq km and house companies in industries ranging from software to cars and healthcare, The Company said.
Executive MD for South Asia at Cushman & Wakefield in Mumbai Sanjay Dutt said that the investment’s scale suggests it would be the largest foreign investment into India. The Wanda agreement is the result of talks between Wang, Modi and Haryana chief minister Manohar Lal Khattar that began in June of 2015.
A “Wanda Cultural Tourism City” and a residential district may also be developed as part of the project. Earlier this month, Wanda Group agreed to buy Godzilla-producer Legendary Entertainment for $ 3.5 Billion.
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