India;s Reliance group & China's Wanda to form Township JV

[agamdilawari]

MUMBAI: Anil Ambani-led Reliance Group today signed an agreement with China's retail player Wanda Group to set up a joint venture for building integrated township projects in India.
The two will initially develop 135 acres owned by Reliance Communications Ltd (RCom) in Navi Mumbai and 80 acreas with Reliance Infrastructure (RInra) in Hyderabad. RCom and RInfra are part of Reliance Group.

The two firms signed a MoU to "set up a joint venture for strategic long term partnership between the two groups, covering several areas of mutual interest," it said in a press statement here.

The first priority of the joint venture will "develop integrated township projects in India, including but not limited to commercial buildings and residential condos / apartments, hotels and retail space," it said.

Wanda group is the leading real estate developer in the world, and has built over 130 million square feet property in 66 integrated projects across 50 cities in China.

Reliance Group said Wanda's expertise will be utilised initially for the Dhirubhai Ambani Knowledge City complex in Navi Mumbai owned by Reliance Communications Ltd, covering an area of 135 acres, and having the potential for development of over 10 million sq ft.

Also, a new business district project in Hyderabad, covering an area of 80 acres owned by Reliance Infrastructure Ltd, having "unlimited" FSI for development for commercial and residential purposes and hotels with plans to develop up to 10 million sq ft area in a phased manner will be taken up.

Wanda Group, which is also a leading multiplex player in the world with over 6,000 screens, and Reliance MediaWorks Ltd will explore possible co-operation in the multiplexes business in India and the US.

Reliance Group Chairman, Anil D Ambani 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.

"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."

Wanda Group Chairman Wang Jianlin said: "Wanda and Reliance are two of the largest private conglomerates in their respective countries. By joining our strengths together, we hope our cooperation will bring mutual benefits and great results."

Anil Ambani's Reliance group, China's Wanda to form township joint venture - The Times of India

 

[Gandhi G in da house]

Great , we need more and different multiplexes in this country.. and townships too of course

 

[djsjs]

good news ,wanda will bring pleasantly surprise to India.
万达集团wanda group
rich people will fall in love with this:

Ordinary people will have their shopping and leisure paradise

 

[selvan33]

great news in the morning.

 

[kaykay]

we need more of JVs with chinese companies......anyway its a very good news.

 

[zaxcolix]

good news ,wanda will bring pleasantly surprise to India.
万达集团wanda group
rich people will fall in love with this:

What is so special about a room painted in gaudy gold with a chandelier, furniture, carpet and marble flooring ? .....is Wanda a interior design company ?

Ordinary people will have their shopping and leisure paradise

Yup ... ... that is what I always imagined Paradise to look like

 

[djsjs]

What is so special about a room painted in gaudy gold with a chandelier, furniture, carpet and marble flooring ? .....is Wanda a interior design company ?
Yup ... ... that is what I always imagined Paradise to look like

The high-end residential, commercial square, theaters, five Stars Hotel..........

 

[anilindia]

Its good to see India and China is cooperating economically.

Dont know when politically..

 

[zaxcolix]

...reality is Anil Ambani has a huge track of land ...but is looking for cheap source of fund to develop it and JV with wanda seems to work things in his favor.

I am not sure how many 'rich' would choose to live in something build by 'reliance' and a 'chinese company'. I would be more optimistic about the town planning aspect like water, sewage, garbage disposal, wifi that will come from the chinese company.

 

[karan21]

I personally hate the reliance guys. Biggest chors in India. Don't produce anything on their own. Their funda is, "find the cheapest source of product, import to India and sell it and phuck national interest". Although I fully support Chinese investment in India but Reliance only went ahead with a Chinese company because this is backed with cheap loans from Chinese banks. Otherwise tell me one reason why a 85 bill $ company had to partner with Wanda group. India has 100% fdi in Real estate. Wanada Group could have entered Indian market on their own.

 

[djsjs]

I personally hate the reliance guys. Biggest chors in India. Don't produce anything on their own. Their funda is, "find the cheapest source of product, import to India and sell it and phuck national interest". Although I fully support Chinese investment in India but Reliance only went ahead with a Chinese company because this is backed with cheap loans from Chinese banks. Otherwise tell me one reason why a 85 bill $ company had to partner with Wanda group. India has 100% fdi in Real estate. Wanada Group could have entered Indian market on their own.

They have a clear division of labor,Reliance is responsible for providing lands and bribing officials, Wanda is responsible for the construction of new buildings.
a good cooperation of China-India