Indo-China cooperation: Gurgaon to get $ 5 billion expo centre
New Delhi-based real estate firm M3M Group has signed an MoU with a major Chinese real estate company for a $ 5 billion plan to build an expansive new convention and exposition centre in Gurgaon, a deal described by officials as among the single biggest development plans undertaken by a Chinese firm in India.
M3M on Monday entered into a strategic partnership with the the Xinji group, a major developer based in Guangzhou, south China. The two companies signed an MoU in Guangzhou.
Pankaj Bansal, Director, M3M Group, told India Today that his company planned to build a first of its kind exposition centre in Gurgaon. While M3M would provide land resources, the Chinese firm, which has built a number of such projects in China, will be engaged to provide expertise to develop the centre, including commercial real estate and hotels. The entire project is valued at $ 4-5 billion over a five year period.
"We plan to build a large scale exposition centre of the kind that India does not yet have," Bansal said. "In Delhi, all we have now is Pragati Maidan for exhibitions, and there is a real void when you talk about world class, modern exhibition centres as you have in China like the world renowned Canton Fair in Guangzhou. We hope Gurgaon will have that."
He said the project time frame would be around 5 years. "What we want to do is tie in to Prime Minister Modi's "Make in India" campaign. We feel there is a need for a venue to showcase our manufacturing potential, and this is what we hope to provide," Bansal said.
Read more at: Indo-China cooperation: Gurgaon to get $ 5 billion expo centre : Business, News - India Today
New Delhi-based real estate firm M3M Group has signed an MoU with a major Chinese real estate company for a $ 5 billion plan to build an expansive new convention and exposition centre in Gurgaon, a deal described by officials as among the single biggest development plans undertaken by a Chinese firm in India.
M3M on Monday entered into a strategic partnership with the the Xinji group, a major developer based in Guangzhou, south China. The two companies signed an MoU in Guangzhou.
Pankaj Bansal, Director, M3M Group, told India Today that his company planned to build a first of its kind exposition centre in Gurgaon. While M3M would provide land resources, the Chinese firm, which has built a number of such projects in China, will be engaged to provide expertise to develop the centre, including commercial real estate and hotels. The entire project is valued at $ 4-5 billion over a five year period.
"We plan to build a large scale exposition centre of the kind that India does not yet have," Bansal said. "In Delhi, all we have now is Pragati Maidan for exhibitions, and there is a real void when you talk about world class, modern exhibition centres as you have in China like the world renowned Canton Fair in Guangzhou. We hope Gurgaon will have that."
He said the project time frame would be around 5 years. "What we want to do is tie in to Prime Minister Modi's "Make in India" campaign. We feel there is a need for a venue to showcase our manufacturing potential, and this is what we hope to provide," Bansal said.
Read more at: Indo-China cooperation: Gurgaon to get $ 5 billion expo centre : Business, News - India Today
