Wanda Group signs billion-dollar deal with Haryana
Haryana State Industrial and Infrastructure Development Corporation signed an MoU with Dalian Wanda Group for the development of a world-class industrial park in Sonepat, Haryana.
Eight memoranda of understanding were signed in the presence of the Haryana CM, Manohar Lal Khattar.
The first phase of the project would start in 2016 and Wanda would be responsible for the investment in the project's initial infrastructure.
Fact: What is the Wanda group?
Wanda Group or Dalian Wanda, founded by Wang Jianlin, is a Chinese conglomerate, operating in commercial property, luxury hotels, and departmental stores. It is China's biggest private property developer and owns the world's largest cinema chain.
18 May 2015: China's richest businessman meets PM Modi
Wang Jianlin, Chairman of Wanda group, attended a closed-door roundtable meeting with PM Modi and other leading Chinese business leaders in Shanghai.
Jianlin stated that the Wanda Group would make a significant investment in the Indian market under the "One Belt And One Road", an international cooperation initiative of the Chinese government.
Modi invited the business tycoon to visit India and make an investment.
10 Jun 2015: Wanda Group head shows interest in Indian realty
The Wanda Group CEO, Wang Jianlin, met PM Modi in the capital and showed an inclination for investment in the realty sector.
Consultants stated that this investment would be a game-changer for the Government's plans to develop smart cities and provide housing for all by 2022.
The group entered Indian market through a deal with Reliance Group for a joint project in 2012.
Fact: The Dalian Wanda- Reliance deal
The Wanda group had signed a deal with Reliance Group in December 2012, to develop the Dhirubhai Ambani Knowledge Center owned by Reliance Communications (RCom) in Navi Mumbai. Sources informed that the construction would start in 2016.
14 Sep 2015: Realty king to build mega township in Haryana
The Chinese embassy had asked for the Government's help in facilitating a mega industrial township in Haryana by the realty major Wanda Group.
They were looking to acquire 100 square km of land in two parcels to develop an industrial zone and a township in the state of Haryana.
The Haryana government assured that it will make the required land available for the development.
22 Jan 2016: Realty giant Wanda invests $10 bn in India
Billionaire Wang Jianlin of the Wanda Group agreed to spearhead a $10 billion project to build an industrial park in the state of Haryana in India.
The first phase of the project 'Wanda Industrial New City' would span thirteen square kilometers, housing companies ranging from software to cars and healthcare.
The second phase would include "Wanda Cultural Tourism City" and a residential district.