Business Line reported that Reliance Group has signed an MoU with China based Wanda Group for a strategic long term partnership covering areas of mutual interest such as real estate and multiplexes.
Reliance Group said that the Wanda Group is a leading real estate developer that has built over 130 million square feet property in 66 integrated projects across 50 cities in China. The company has assets of USD 44 billion, an annual income of USD 23 billion and net profit of USD 1.6 billion.
The company has 66 Wanda plazas, 38 five star hotels and 6,000 cinema screens.
Mr Anil D Ambani chairman of Reliance Group said that “Over the past few years, Reliance Group has become the single largest trading partner between India and China. We have built strong relationships with leading corporates and major financial institutions and banks in China. We are now looking forward to extend our strategic partnership to Wanda Group in a manner that will benefit both Groups and unlock substantial value for millions of all our stakeholders.”
Reliance said that the first priority of the proposed JV would be to develop integrated township projects in India, including commercial buildings, hotels and retail spaces.
It said that the Wanda Group’s expertise will be utilized initially in the 135 acre Dhirubhai Ambani Knowledge City complex in Navi Mumbai owned by Reliance Communications. There is potential to develop over 10 million square feet, subject to necessary approvals, there.