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Anil Ambani's Reliance Group, China's Wanda to form JV
December 13, 2012 / 9:42 AM / 5 years ago

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

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.

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

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

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