Anil Ambani-owned Reliance Group said it has signed an MoU with China-based Wanda Group for a strategic long-term partnership covering areas of mutual interest such as real estate and multiplexes.

Reliance Group said the Wanda Group is a leading real estate developer that has built over 130 million sq. ft property in 66 integrated projects across 50 cities in China. The company has assets of $44 billion, an annual income of $23 billion and net profit of $1.6 billion.

The company has 66 Wanda plazas, 38 five-star hotels and 6,000 cinema screens.

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 leading corporates and major financial institutions and banks in China. We are now looking forward to extend our strategic partnership to Wanda Group in a manner that will benefit both Groups and unlock substantial value for millions of all our stakeholders.”

Reliance said the first priority of the proposed joint venture would be to develop integrated township projects in India, including commercial buildings, hotels and retail spaces.

The Wanda Group’s expertise will be utilised initially in the 135-acre Dhirubhai Ambani Knowledge City complex in Navi Mumbai owned by Reliance Communications. There is potential to develop over 10 million sq ft, subject to necessary approvals, there, Reliance said.

At the new business district project in Hyderabad, there were plans to develop up to 10 million sq ft of both commercial and residential on an 80-acre land owned by Reliance Infrastructure.

Reliance Group said the Wanda Group and Reliance MediaWorks would explore possible co-operation in the multiplexes business in India and the US.

>shanker.s@thehindu.co.in

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