AHMEDABAD: China’s Guangdong Wangtat Construction and Investment Holdings Group, also known as Wangtat Group, has teamed up with Vapi-based Payal Properties Pvt Ltd to develop an industrial park in Bharuch district.

The two groups will form a joint venture (JV) to establish the park, which will be spread over 300 acres. The project is likely to witness an investment of Rs 1,000 crore from the developer and the industrial units to come up at the park.

“The two companies will ink a memorandum of understanding (MoU) in Ahmedabad on Wednesday in the presence of Zhu Xiaodan, governor of China’s Guangdong province,” said Jagat Shah, secretary general, China India Trade & Investment Centre (CITIC), which has facilitated the MoU.

The park is expected to house industrial units from automotive, pharmaceuticals, textiles, electricity generation equipment as well as electric transmission and distribution sectors.

A delegation of 35 Guangdong-based companies, led by Xiaodan, is on a two-day tour of the state to explore investment opportunities.