Haryana: New JV for industrial township

China Fortune Land Development (CFLD) is planning to develop an industrial township on 1,500 acres, spread across Sohna and Manesar in the Gurgaon district of Haryana. The township will cost Rs 33,595 crore and will be developed with Haryana State Industrial and Infrastructure Development Corporation (HSIIDC), by forming a joint venture. The agreement was signed by Sudhir Rajpal, managing director of HSIIDC, and Jerry Zhao, president of CFLD.
 

Chief Minister Manohar Lal Khattar said that under the agreement, HSIIDC and CFLD company would form a joint venture to execute the project. The Chinese company would develop infrastructural facilities, industrial units and residential and commercial projects in the township.

Industrial units related to automobiles and electronics would be established in this township. These projects would be completed within the next 10 years and would generate employment opportunities for lakhs of youth, besides making available health and education facilities, he added.

Zhao said the company had identified required land in Sohna and Manesar. He said all formalities would soon be completed and work on the projects would begin by the end of the year.

In January 2016, the state had received investment commitments from eight Chinese companies including that from the Dalian Wanda group. Promoted by Wang Jianlin, the richest Chinese in 2015, the group is expected to invest $10 billion in an industrial park at Kharkhoda in Sonipat, outside Delhi. "Negotiations with the group on structuring the investment are still going on," said a senior state government official.

The Wanda group claims to be the largest real estate developer in China with ownership of the largest number of 6,000 cinema screens across the world.