Anil Ambani’s Reliance Group and China’s Wanda Group have signed a memorandum of understanding to set up a joint venture (JV) for real estate development on land owned by Reliance Communications and Reliance Infrastructure. Both have also plans to get into multiplexes business in India and the U.S.
The first priority of the proposed JV will be to develop integrated townships in India. The partners intend to develop 10 million sq. ft. area at The Dhirubhai Ambani Knowledge City Complex in Navi Mumbai. This 135-acre land parcel is owned by Reliance Communications Ltd.
The proposed JV also plans to develop 10 million sq. ft. area at the new business district project in Hyderabad in a phased manner. This land, spread over 80 acres, is owned by Reliance Infrastructure and has unlimited FSI (floor space index) for development for commercial, residential and hospitality realty.
Wanda Group, which is also a leading multiplex player in the world with over 6,000 screens, will co-operate with Reliance MediaWorks in multiplexes business in India and the U.S. “Wanda is very excited about the opportunities in the Indian market. By joining our strengths together, we hope our co-operation will bring mutual benefits and great results,” Wang Jianlin, Chairman, Wanda Group said. “Over the past few years, Reliance Group has become the single largest trading partner between India and China. We have built strong relationships with a large number of leading corporates, and major financial institutions and banks in China,” said Anil D. Ambani, Chairman, Reliance Group.
“We are now looking forward to extend our strategic partnership to the highly successful and dynamic Wanda Group, in a manner that will tremendously benefit both groups, and unlock substantial value for millions of all our stakeholders,” Mr. Ambani added.
Founded in 1988, Dalian Wanda Group operates in commercial properties, luxury hotels, tourism investment, cultural industry, and department store chains.
