15.12.12

Anil Ambani's Chinese connection


Anil Ambani's Reliance Group and China's Dalian Wanda Group have 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 sq ft across two projects.
Reliance MediaWorks will also explore possible cooperation with Wanda Group in the multiplex business in India and the US.
The ambitious Wanda Group became the world's biggest movie theatre owner this year with the $2.6 billion acquisition of AMC Entertainment, and plans to spend $10 billion in North America over a decade.
Earlier this year, Ambani's heavily indebted Reliance Communications repaid holders of foreign bonds by raising a loan of $1.2 billion from a clutch of Chinese state banks. Also this year, Reliance Power secured $1.1 billion in loans from Chinese banks for a power project.
Ambani said in a statement that his group has become the “single largest trading partner between India and China.“
Wanda Group, chairman, Wang Jianlin said, “Wanda and Reliance are two of the largest private conglomerates in their respective nations. By joining our strengths together, we hope our cooperation will bring mutual benefits and great results.“

No comments: