Reliance Group partners with China’s Wanda Group to develop land parcels


Reliance Group partners with China’s Wanda Group to develop land parcels
Anil Ambani-promoted Reliance Group has signed a memorandum of understanding (MoU) with Chinese property developer Dalian Wanda Group to develop lands owned by Reliance in Mumbai and Hyderabad.
Reliance will provide the land parcels, while Dalian Wanda will provide its expertise to construct and develop the land parcels.
In Navi Mumbai, the JV will develop integrated townships at the Dhirubhai Ambani Knowledge City Complex. This 135-acre plot of land is owned by Reliance Communications Ltd.
Wanda Group, China's biggest property developer, said that the JV would bring mutual benefits and great results.
Commenting on the collaboration, Wanda said, "Wanda is very excited about the opportunities in the Indian market. By joining our strengths together, we hope our co-operation will bring mutual benefits and great results."
The two groups have also plans to expand their partnership to get into multiplexes business in India and the United States.
Established in 1988, Dalian Wanda Group is the world's biggest multiplex player with more than 6,000 screens. Apart from that, this Chinese group operates in commercial properties, department store chains, luxury hotels, cultural industry and tourism investment.

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