Chinese billionaire Wang Jianlin’s Dalian Wanda Group Co will invest $10 billion to build an industrial zone in India, Bloomberg reported on Friday.
In what will be one of the group’s biggest development projects in the country, Wanda Group, China’s biggest commercial-property developer, signed a preliminary agreement with Haryana to build an industrial zone. The company confirmed signing the agreement on its official WeChat account on Friday.
According to Bloomberg, construction may begin as early as this year; the first phase of the development zone spans 13 square kilometres.
Though the report could not ascertain the details of the spending, the proposed amount will rank among the biggest investments in the country.
Wang, the Bloomberg report says, has had a busy month. The Wanda Group announced earlier this month it would invest $2.3 billion to build three hospitals in China. Wanda Group also announced that it is buying Hollywood’s Legendary Entertainment for $3.5 billion, the first Chinese acquisition of a major US film company.