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:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Shares Hit Record

Sensex, Nifty rise to second consecutive record high

Sensex surges 500 points on BOJ easing, L&T gains

The BSE Sensex and Nifty surged to record highs for a second consecutive session on Friday after Bank of Japan's surprise expansion of its massive stimulus programme raised hopes for additional foreign inflows, boosting blue-chips such as Larsen & Toubro.  Full Article 

REUTERS SHOWCASE

Wilful Negligence?

Wilful Negligence?

SEBI piles pressure on Sahara to sell overseas hotels  Full Article 

Indian Economy

Indian Economy

India's fiscal deficit in H1 almost 83 pct of full-year target.  Full Article 

M&M Earnings

M&M Earnings

M&M Q2 net profit down 4 percent, hit by poor monsoon.  Full Article 

Ban on E-Cigs?

Ban on E-Cigs?

Govt considers ban on e-cigarettes, sale of single smokes.  Full Article 

Commodities

Commodities

Silver futures in India hit four-year low on global cues.  Full Article 

BOJ Policy

BOJ Policy

BOJ shocks markets with surprise easing as inflation slows.  Full Article 

Shadow Banking

Shadow Banking

China's shadow banking sector growing rapidly, third largest in world - FSB.  Full Article 

Reuters India Mobile

Reuters India Mobile

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