Anil Ambani's Reliance Group, China's Wanda to form JV

Thu Dec 13, 2012 5:19pm IST

Anil Ambani, chairman of the Reliance Anil Dhirubhai Ambani Group, speaks during a news conference in Mumbai January 16, 2011. REUTERS/Danish Siddiqui/Files

Anil Ambani, chairman of the Reliance Anil Dhirubhai Ambani Group, speaks during a news conference in Mumbai January 16, 2011.

Credit: Reuters/Danish Siddiqui/Files

Related Topics

Stocks

   

REUTERS - Billionaire Anil Ambani's Reliance Group and China's Dalian Wanda Group on Thursday announced a tie-up to develop real estate and movie theatre projects, the latest partnership between Ambani and China.

The groups, which did not give any financial details, said they will first look to build integrated township projects in India involving a combined area of about 20 million square feet across two projects.

Ambani's Reliance MediaWorks RELM.NS will also explore possible co-operation with Wanda Group in the multiplex business in India and the United States, the companies said in a statement.

The ambitious Wanda Group became the world's biggest movie theatre owner this year with the $2.6 billion acquisition of U.S. multiplex operator AMC Entertainment, and plans to spend $10 billion in North America over a decade.

Earlier this year, Ambani's heavily-indebted Reliance Communications (RLCM.NS) repaid holders of foreign bonds by raising a loan of $1.2 billion from a clutch of Chinese state banks.

Also this year, his Reliance Power (RPOL.NS) secured $1.1 billion in financing from Chinese banks for a power project in central India.

Ambani said in a statement that his group has become the "single largest trading partner between India and China."

(Reporting by Nandita Bose and Devidutta Tripathy; Editing by Tony Munroe and Elaine Hardcastle)

FILED UNDER:

Diplomacy

Reuters Showcase

Microfinance

Microfinance

Funding the unfunded: India helps small business borrow to grow  Full Article 

Insurance Sector

Insurance Sector

UK healthcare firm Bupa sees strong growth in India  Full Article 

Market Eye

Market Eye

FTSE adds nine Indian firms as large-caps in Asia-Pacific ex-Japan index   Full Article 

China Economy

China Economy

China signals "new normal" with lower annual growth target  Full Article 

E-commerce

E-commerce

China backs e-commerce expansion in win for Alibaba, JD.com  Full Article 

Monsoon Season

Monsoon Season

Exclusive - India expects better monsoon rains this year  Full Article 

'India's Daughter'

'India's Daughter'

Documentary on 2012 Delhi gang rape banned in India  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage