CHi­nese in­vest­ments not ma­te­ri­al­is­ing for Haryana

The Sunday Guardian - - Covert -

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.

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