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Reliance Group, Wanda Group ink MoU to set up a JV for strategic long term partnership

13 Dec 2012 Evaluate

Reliance Group and Wanda Group, amongst the largest multi-billion dollar diversified business enterprise in India and China respectively, have signed MoU to set up a Joint Venture (JV) for strategic long term partnership between the two groups, covering several areas of mutual interest.

The first priority of the proposed JV will be to develop integrated township projects in India, including but not limited to commercial buildings and residential condos/ apartments, hotels, retail space, etc. Wanda Group’s demonstrated track record and project expertise will be utilized initially in the Dhirubani Ambani Knowledge City Complex in Navi Mumbai owned by Reliance Communication, covering an area of approx 135 acres, and having the potential for development of over 10 million square feet, subject to necessary approvals.

The group’s project expertise will also be utilized in the new business District project in Hyderabad, covering an area of 80 acres, owned by Reliance Infrastructure, having unlimited FSI for development for commercial and residential purposes , hotels, etc, with plans to develop upto 10 million square feet area in a phased manner.

Further, Wanda Group is also the leading multiplexes player in the world with over 6000 screens, having earlier this year acquired the AMC Chain in the US at an investment $2.6 billion( Rs 14,000 crore). Wanda Group along with Reliance MediaWorks, will explore possible co-operations in the multiplexes business in India and US.

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