Reliance, Wanda Group to form joint venture
India’s Reliance Group and China’s Dalian Wanda Group have announced plans to create a joint venture covering real estate and multiplexes in India and the US.
The two giants said they would first examine land development projects in Navi Mumbai, a satellite city outside Mumbai, and Hyderabad in Andhra Pradesh. They also plan to cooperate on multiplexes in the US and Indian markets.
Wanda Group became the world’s biggest exhibitor earlier this year with its $2.6bn acquisition of US multiplex operator AMC Entertainment. The company is one of China’s biggest property developers with interests spanning shopping malls, cinemas and real estate. It also recently joined the film production and distribution business.
Anil Ambani’s Reliance ADA Group, which has interests spanning telecoms, power and the film business, has regularly tapped cheap funding from Chinese state-owned banks.
Commenting on the deal, Ambani said: “Over the past few years, Reliance Group has become the single largest trading partner between India and China. We are now looking forward to extend our strategic partnership.”
Wanda chairman Wang Jianlin said: “India is the world’s second most populous nation after China, with a rapidly developing economy and huge market potential. Wanda is very excited about the opportunities in the Indian market.”