The Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) signed a memorandum of understanding with Chinese conglomerate Dalian Wanda on Friday, to develop a world-class comprehensive industrial park at Kharkhoda in Sonepat.
The document was signed in the presence of Haryana chief minister Manohar Lal Khattar by HSIIDC managing director Sudhir Rajpal and president of Wanda group. HT was the first to report in November, 2015, about the inking of the MoU between the two entities.
The Wanda group operates more than 100 Wanda Plazas, 68 five-star hotels, over 6,000 cinema screens and 99 department stores in China. Khattar also met the chairman of Wanda group, Wang Jianlin, and discussed the project proposal of the company.
An official spokesperson said Wanda Group will invest a total of $10 billion to develop a worldclass comprehensive industrial park known as Wanda Industrial New City.
The Wanda Industrial New City, Haryana, Phase I, would be developed over an area of approximately 13 square kilometers.
Wanda will be responsible for investing in the project’s initial infrastructure.
In addition, Wanda will attract other international and Chinese industrial, tourism and residential companies to operate in the development.
Meanwhile, eight memoranda of understanding (MoUs) were signed between the Haryana government and Chinese investors on Friday, as the state delegation, led by Khattar, proceeds with its Beijing visit.
Apart from Wanda, the MoUs were signed with top companies such as China Land Development Company Private Limited, ZTE Corporation, a globally-leading provider of telecommunications equipment and network solutions with operations in 160 countries.
Six MoUs were signed during the investment roadshow organised in Beijing where representatives of more than 100 Chinese companies were present.