Dalian Wanda plans to invest $10 billion in India

The logo of Wanda Plaza is seen in Shanghai. Photo: Reuters
Representatives of Chinese real estate giant Dalian Wanda, which plans to invest $10 billion in India, met DIPP officials here on Wednesday to press for certain concessions as well as relaxation in some regulatory norms.

According to sources, the world's largest property developer wants to bring $10 billion into India as external commercial borrowings (ECBs) as against the $750 million limit permitted by RBI.

During the meeting with DIPP Secretary Ramesh Abhishek, the company officials are understood to have sought concessions for the industrial park that the firm is planning to develop in Haryana and other investments including breaks on corporate and service tax besides customs and import duties similar to special economic zones.

The Chinese real estate major is also seeking permission to sell plots that are underdeveloped or only partially developed in its proposed industrial park in Haryana.

A group of official who attended the meeting declined to comment on the development saying "it is something that is in process".

According to officials, the Department of Industrial Policy and Promotion (DIPP) is pursuing the concessions sought by the firm with other ministries, departments and regulators since many of these demands are outside the current overseas investment policy framework.

The Dalian Wanda Group is owned by one of China's richest men Wang Jianlin.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel