(Image source from: Wanda Group to invest $10 billion in India})
China’s biggest commercial property developer, Wanda Group, and Haryana state have signed a preliminary agreement for the construction of an industrial zone. Billionaire Wang Jianlin's Dalian Wanda Group has decided to invest $10-billion to build an industrial park in India. This could become a biggest development project in India.
According to the company, the first phase of 'Wanda Industrial New City' would span 13 sq km and the construction is likely to begin in 2016. The project would house companies in industries, which include software, cars, healthcare and others.
In case the project gets completed, it would turn as a mark of victory of Prime Minister Narendra Modi's efforts towards bringing foreign capital into the country. According to Cushman & Wakefield, South Asia, executive MD, Sanjay Dutt, given the scale of investment, the project would be the largest foreign investment into India.
The talks concerning the Wanda agreement began in June 2015 between Wang, Modi and Haryana chief minister Manohar Lal Khattar. The project is likely to include a 'Wanda Cultural Tourism City' as well as a residential district. Earlier in January 2016, Wanda Group agreed for $3.5 billion to buy Godzilla-producer Legendary Entertainment.