The two will initially develop 135 acres owned by Reliance Communications Ltd (RCom) in Navi Mumbai and 80 acres with Reliance Infrastructure (RInfra) in Hyderabad. RCom and RInfra are part of Reliance Group.
The two firms signed a MoU to "set up a joint venture for strategic long term partnership between the two groups, covering several areas of mutual interest," it said in a press statement.
The first priority of the joint venture will "develop integrated township projects in India, including but not limited to commercial buildings and residential condos/apartments, hotels and retail space," it said.
Wanda group is the leading real estate developer in the world, and has built over 130 million square feet property in 66 integrated projects across 50 cities in China.
Reliance Group said Wanda's expertise will be utilized initially for the Dhirubhai Ambani Knowledge City complex in Navi Mumbai owned by Reliance Communications Ltd, covering an area of 135 acres, and having the potential for development of over 10 million sq ft.
Also, a new business district project in Hyderabad, covering an area of 80 acres owned by Reliance Infrastructure Ltd, having "unlimited" FSI for development for commercial and residential purposes and hotels with plans to develop up to 10 million sq ft area in a phased manner will be taken up.
Wanda Group, which is also a leading multiplex player in the world with over 6,000 screens, and Reliance MediaWorks Ltd will explore possible co-operation in the multiplexes business in India and the US.
Reliance Group Chairman, Anil D Ambani said, "Over the past few years, Reliance Group has become the single largest trading partner between India and China. We have built strong relationships with a large number of leading corporates, and major financial institutions and banks in China.
"We are now looking forward to extend our strategic partnership to the highly successful and dynamic Wanda Group, in a manner that will tremendously benefit both Groups, and unlock substantial value for millions of all our stakeholders."
Wanda Group Chairman Wang Jianlin said: "Wanda and Reliance are two of the largest private conglomerates in their respective countries. By joining our strengths together, we hope our cooperation will bring mutual benefits and great results."