China's Dalian Wanda to develop $10 billion industrial park in India | Reuters

HONG KONG 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.

(Reporting by Clare Jim; Editing by Miral Fahmy)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Updated Date: Jan 23, 2016 00:06 AM

Also Watch

IPL 2018: Royal Challengers Bangalore eye revival against Chennai Super Kings as 'Cauvery Derby' comes back to life
  • Thursday, April 26, 2018 In the Kanjarbhat community, a campaign against 'virginity tests' is slowly gaining ground
  • Tuesday, April 24, 2018 It's A Wrap: Beyond the Clouds stars Ishaan Khatter, Malavika Mohanan in conversation with Parul Sharma
  • Monday, April 9, 2018 48 hours with Huawei P20 Pro: Triple camera offering is set to redefine smartphone imaging
  • Monday, April 16, 2018 Rajyavardhan Singh Rathore interview: Sports can't be anyone's fiefdom, we need an ecosystem to nurture raw talent

Also See