Rediff.com« Back to articlePrint this article

China's richest man to build $10 bn industrial park in India

January 22, 2016 17:06 IST

Construction on the first phase of the 13 square km park in Haryana will start this year.

Image: Image: Wang Jianlin, richest Chinese in the world with Prime Minister Narendra Modi. Photograph, courtesy: Wangda Group
 
 

Chinese conglomerate Dalian Wanda Group said on Friday it would develop a $10 billion industrial park in northern India, its first project in the country.

The company owned by China's richest man Wang Jianlin said it would be the lead investor in the project's initial infrastructure and also ask Chinese firms to take part.

Construction on the first phase of the 13 square km park in Haryana state is due to start this year, the company said.

"Haryana State will provide Wanda with the most preferential policies," it added in a statement.

Dalian Wanda is aggressively spending on projects and acquisitions ranging from entertainment to financial services in a bid to diversify away from its core, but slowing, domestic real estate operations.

The conglomerate which posted $44 billion in revenue last year has said it wants more than a third of its revenue to come from abroad by 2020.

Clare Jim
Source: REUTERS
© Copyright 2024 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.