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China’s richest man plans $10 billion project in India

China s richest man plans 10 billion project in India pardesi news 1459247788

Chinese billionaire Wang Jianlin’s Dalian Wanda Group Co. has agreed to spearhead a $10- billion project to build an industrial park in India, in what could become one of the biggest development projects in the country.

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

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Patrick Callahan

Pardesi News Reporter

Pardesi News Reporter

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