Wanda to develop $10b park in India

Chinese billionaire Wang Jianlin's Dalian Wanda Group Co has agreed to invest up to $10 billion in India to build an industrial park in the northern part of the country, its latest efforts in expanding overseas.

The company signed a memorandum of understanding in Beijing on Friday to build the Wanda Industrial New City, an industrial zone in the northern Indian state of Haryana.

According to sources from the Haryana government, the first phase of the project will be spread over 13 square kilometers covering an entertainment park and industrial park that houses companies in software, automotive manufacturing, machinery, healthcare education and other industries.