* Tie up to develop real estate, movie theatre projects
* Latest partnership between Indian billionaire and China
(Adds details, background)
Dec 13 (Reuters) - Indian 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 will also explore
possible co-operation with Wanda Group in the multiplex business
in India and the United States, the companies said in a
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 repaid holders of foreign bonds by
raising a loan of $1.2 billion from a clutch of Chinese state
Also this year, his Reliance Power secured $1.1
billion in financing from Chinese banks for a power project in
Ambani said in a statement that his group has become the
"single largest trading partner between India and China."
(Reporting by Nandita Bose and Devidutta Tripathy; Editing by
Tony Munroe and Elaine Hardcastle)