CHinese investments not materialising for Haryana
A Chinese major, the Wanda Group seems to have backed out of its promise of investing $10 billion in Haryana. The state’s industrial department says that the Wanda empire has run into rough weather, and there are reports that the entire business is getting liquidated. The last time that the Haryana government heard from Wanda was four months ago. Reports coming from Beijing say that the group has fallen foul of the Xi Jinping regime.
The memorandum of understanding that the Haryana government signed with the Chinese MNC was for developing a world-class comprehensive industrial park, to be known as Wanda Industrial New City.
In the joint venture with the Haryana State Industrial Development Corporation, the Chinese were not ready to give 26% stakes, as demanded by the state government, as it would have given the government regime the right to veto during disputes.
The sources said the Wanda group’s investment plan included construction of five industrial and theme parks, in addition to shopping malls in the Wanda Industrial New City, which was to be located along the Delhi-Mumbai industrial corridor within the National Capital Region.
In phase I, the Wanda group was to set up an industrial park in Sonepat for companies in software, automotive manufacturing, machinery and healthcare education. There was also a plan to construct a Wanda Cultural Tourism City and a residential district.