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

Consumer Confidence Index

REUTERS SHOWCASE

Deal Talk

Deal Talk

Exclusive - Lupin, U.S. firms weigh bids for GSK's mature drugs: sources  Full Article 

Classifying Banks

Classifying Banks

RBI to start announcing too-big-to-fail banks in Aug 2015  Full Article 

Corruption Probe

Corruption Probe

India to probe corruption in healthcare after TV sting.  Full Article 

Food Scandal

Food Scandal

Starbucks, Burger King dragged in as China food scandal spreads.  Full Article 

Bigger iPhones

Bigger iPhones

Apple asks suppliers to produce up to 80 mln large-screen iPhones - WSJ.  Full Article 

Bali Trade Deal

Bali Trade Deal

India keeps world guessing in countdown to landmark trade pact deadline.  Full Article 

Bangalore Sex Abuse

Bangalore Sex Abuse

Modi's BJP puts political twist on local sex abuse case   Full Article 

Yahoo to buy Flurry

Yahoo to buy Flurry

Yahoo to buy analytics startup Flurry to bolster mobile ad business.  Full Article 

Wholesale Biz

Wholesale Biz

Wal-Mart adds $102.9 million in Indian wholesale business in June.  Full Article 

Reuters India Mobile

Reuters India Mobile

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