Beijing, China (January 25, 2016) — On January 22, 2016, Wanda Group signed a Memorandum of Understanding (“MOU”) with the Haryana State Government, India. As per the MOU, Wanda Group will develop a world-class comprehensive industrial park known as “Wanda Industrial New City” with a total investment value of $10 billion.
The Wanda Industrial New City, Haryana will be situated in the Delhi-Mumbai Industrial Corridor within the National Capital Region, in close proximity to urban Delhi. Phase I of the project will be approximately 13 square kilometers in size and will house companies in software, automotive manufacturing, machinery, healthcare education and other industries. Furthermore, the construction of a “Wanda Cultural Tourism City” and a residential district is also being planned as part of the project.
Haryana State will provide Wanda with the most preferential policies and will jointly establish a management committee with Wanda that will employ a Chinese Special Administrative Region management model to oversee the project and provide one-stop services for investors. India is the second most populous country in the world, has an average age of 26 and an urbanization rate that has recently surpassed 30%. In recent years India has been one of the world’s fastest growing economies and continues to offer enormous opportunities.
Phase I of Wanda Industrial New City, Haryana is expected to be developed with a total investment of $10 billion. Wanda will be mainly responsible for investing in the project’s initial infrastructure. In addition, Wanda will attract international and especially Chinese companies from other industrial, tourism and residential sectors to participate in the development and establish operations. Phase I will involve an investment of $10 billion and aims to begin construction within 2016.
The Wanda Industrial New City, Haryana project is the outcome of meetings between Indian Prime Minister Narendra Modi and Wanda Group Chairman Wang Jianlin. On June 9th, 2015, Mr. Wang Jianlin visited India at the invitation of Prime Minister Modi and engaged in close talks with Prime Minister Modi and Chief Minister of Haryana State, Mr. Manohar Lal Khattar, to discuss possible investment opportunities in India. The signing of this MOU is the result of that visit. Wanda Group and Haryana State will sign a formal investment agreement within the near future.