Mumbai, Dec. 13: Anil Ambani-led Reliance Group today joined hands with diversified Chinese conglomerate Wanda Group to set up a joint venture to develop integrated townships in India.
The joint venture will initially develop the 135 acres owned by Reliance Communications (R-Com) in Navi Mumbai and the 80 acres belonging to Reliance Infrastructure in Hyderabad.
According to the MoU signed today, both the groups have decided to set up a joint venture covering areas of mutual interest.
Besides real estate, the multiplex business in India and the US is the other area of co-operation. Wanda Group is present in the multiplex business with over 6,000 screens, globally.
The Anil D. Ambani group said the first priority of the joint venture would be to develop integrated townships, including commercial buildings, residential condos, hotels and retail space.
The Reliance group said Wanda’s expertise would be initially utilised for the Dhirubhai Ambani Knowledge City complex in Navi Mumbai owned by R-Com. The area covers around 135 acres and has a development potential of over 10 million square feet.