ADAG group firms, China’s Wanda to jointly develop townships
14 Dec 2012
The Anil Ambani-led ADA Group yesterday signed an agreement with China's retail chain Wanda Group to set up a joint venture for building integrated townships in India.
The two will initially develop property owned by two group companies - 135 acres owned by Reliance Communications Ltd (RCom) in Navi Mumbai and 80 acres owned by Reliance Infrastructure in Hyderabad.
The two firms signed a memorandum of understanding to "set up a joint venture for strategic long term partnership between the two groups, covering several areas of mutual interest", they said in a press statement released from Mumbai.
The first priority of the joint venture will be to "develop integrated township projects in India, including but not limited to commercial buildings and residential condos / apartments, hotels and retail space," it said.
The Wanda Group is the world's leading real estate developer, and has built over 130 million square feet property in 66 integrated projects across 50 cities in China.
Reliance Group said Wanda's expertise will be utilised initially for the Dhirubhai Ambani Knowledge City complex in Navi Mumbai owned by Reliance Communications, covering an area of 135 acres, and having the potential for development of over 10 million sq ft.
