Wanda industrial new city, Haryana signing ceremony
Wanda industrial new city, Haryana signing ceremony

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.