One of the largest real estate developers in China, the Wanda Group, has submitted a proposal for setting up a greenfield integrated industrial township in Sonepat, in a joint venture with the Haryana State R
One of the largest real estate developers in China, the Wanda Group, has submitted a proposal for setting up a greenfield integrated industrial township in Sonepat, in a joint venture with the Haryana State Industrial Infrastructure Development Corporation (HSIIDC).
The joint venture will develop, operate and manage the integrated industrial township, at Kharkhoda in Sonepat. The sponsors anticipate that the joint venture will catalyse investment worth USD 10 billion (Rs 65,000 crores) and generate opportunities for 34,000 direct jobs. An official spokesman said that the project at Kharkhoda would fall within the Delhi-Mumbai Industrial Corridor and the National Capital Region.
Jointly developed by Wanda Group and the HSIIDC in phases over 2,800 acres, it will house companies engaged in software, automotive manufacturing, machinery, healthcare, education, smart housing appliances and food processing. A residential township integral to the project, including all civic amenities and social infrastructure, shall also be created, to develop a 4th generation integrated industrial township. Furthermore, a ‘Cultural Tourism City’ will also be developed as part of the project, he said.
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The investment proposal is an outcome of a series of meetings between chief minister Manohar Lal Khattar and chairman and owner of Wanda Group, Wang Jianlin, as well as other officers of the group, the spokesman said. Wanda Group is a $92 billion conglomerate, whose business interests encompass shopping malls, theme parks, sports industry and cinemas, with presence in the US, UK, France, Spain and Australia.
The proposal has been submitted by the Wanda Group under the state government’s ‘Guidelines for Project Execution/Public Procurement for Development Works under Swiss Challenge Method, 2016’. The Swiss Challenge Method is a bidding process, which helps private sector initiative in spotting public need projects. Under this method, a suo-moto proposal/offer can be made by an original proponent to the government. This method ensures price discovery in a transparent manner as opportunity is given to third parties to give better offers by way of international competitive bidding, the spokesman said.