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.
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
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
Also this year, his Reliance Power
Ambani said in a statement that his group has become the "single largest trading partner between India and China."