China’s Richest Man to develop $10 Billion Industrial Park in India

Chinese conglomerate Dalian Wanda or Wanda Group today has said that they are going to fund $10 billion to develop an industrial park in India.  The park is going to be developed in North India and is the group’s first project in the country.

The Wanda Group reportedly owned by China’s richest man Mr. Wang Jianlin  is the country’s “biggest private property developer” and the world’s largest cinema chain operator. Mr. Wang has also revealed that the group will also be the largest investor in the project’s initial infrastructure building and will also ask for Chinese firms to take up roles in it.

The company has also revealed that the first phase construction of the project which will be of 13 sq km will be in the state of Haryana. The construction will take off by this year.

The company which has estimated a revenue of $44 billion in 2015 is said to be aiming for more than third of its revenue to come from foreign markets by 2020. The conglomerate is also extensively spending on projects as well as acquisition from entertainment to financial services in a desperate move to diversify its course.

The group has also clarified on their part of choosing Haryana to start the construction of first phase as the state will offer more friendly and preferential policies.

(Source: ET)