Chinese Wanda Group to set up $10 billion industrial park in India

Chinese Wanda Group to set up $10 billion industrial park in IndiaLabourers work at a construction site [Representational Image]Reuters

In what could cement India’s position as a favourable investment destination, Chinese conglomerate Dalian Wanda Group said on Friday it would invest $10 billion to build an industrial park in Haryana.

Wanda, the company owned by China’s richest man, Wang Jianlin, wants to be the lead investor in the initial infrastructure of the industrial park. It also said it would ask frims from China and other countries to participate in the project.

The company said the first phase of development of the industrial project, spread across 13 sq km, would begin this year.

“Haryana will provide Wanda with the most preferential policies,” Reuters quoted Wanda as saying in a statement.

Wanda, China’s biggest commercial property-developer, has signed a preliminary agreement with Haryana to construct the industrial zone.

The company is ramping up investment across various sectors to diversify its business as its real-estate operations in China struggle to grow due to slowdown in the domestic economy. Earlier this month, it said it would buy Hollywood’s Legendary Entertainment for $3.5 billion, marking the first Chinese acquisition of a major film company in the US, Bloomberg reported.

It plans to generate more than a third of its revenue from overseas operations by 2020. The company earned revenue of $44 billion in 2015.

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