China’s richest person Wang Jianlin's property developer Dalian Wanda Group has signed a preliminary agreement with the state of Haryana to build an industrial zone. The project is estimated to cost $10-billion. The project is touted as one of the biggest development projects in the country.
The first phase of 'Wanda Industrial New City' will span 13 sq km and will have companies in industries ranging from software to cars and healthcare. Construction of the phase is expected to begin this year.
The Wanda agreement is the result of talks between Wang, Modi and Haryana chief minister Manohar Lal Khattar that started in June of 2015. A 'Wanda Cultural Tourism City' and a residential district may also be developed as part of the project. According to Sanjay Dutt, executive MD for South Asia at Cushman & Wakefield in Mumbai, the project’s investment scale suggests it would be the largest foreign investment into India