Chinese billionaire to invest over Rs 67,000 crore in India

Dalian Wanda Group headed by Chinese billionaire Wang Jianlin said that it will head an industrial park project in India worth $10 billion (Rs 67,780 crore). It would become one of the biggest development projects in the country.

Wanda Group, which is China's largest commercial property developer, had on Saturday signed a preliminary agreement with the state of Haryana to build the project, according to a report by a leading news agency.

The construction of the first phase of 'Wanda Industrial New City' may begin this year. The first phase of the project is expected to span over 13 sq km and will house companies from software sector to automobile and healthcare sector.

According to Sanjay Dutt Executive MD for South Asia at Cushman & Wakefield in the report said that the investment scale would make it the largest foreign investment in India.

The talks for the Wanda Group project started in June 2015 between Wang, Prime Minister Narendra Modi and Chief Minister Manohar Lal Khattar.

A 'Wanda Cultural Tourism City' and a residential district are also expected to be developed as part of the project.

Wanda Group earlier this month had acquired Legendary Entertainment for $3.5 billion.