ADAG to develop Mumbai land with Chinese help
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Anil Ambani-led Reliance Group is developing the surplus land available at the Dhirubhai Ambani Knowledge City (DAKC) complex in Navi Mumbai in a joint venture with Chinese realty player Wanda Group.
The two will initially develop 135 acres owned by RCom in Navi Mumbai and 80 acres with Reliance Infrastructure in Hyderabad. The two firms signed a MoU to "set up a joint venture for strategic long term partnership between the two groups, covering several areas of mutual interest," it said in a press release.
The first priority of the joint venture will "develop integrated township projects in India, including but not limited to commercial buildings and residential condos/apartments, hotels and retail space," it said. Wanda group is the leading real estate developer in the world, and has built over 130 million square feet property in 66 integrated projects across 50 cities in China.
Reliance Group said Wanda's expertise will be utilised initially for the DAKC complex which has the potential for development of over 10 million sq ft.
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