Wanda, Reliance Plan Joint Ventures In Theater Business In India, U.S.: Reports
Anil Ambani’s sprawling Indian conglomerate Reliance and China’s Wanda Group have announced plans to create long-term joint ventures in cinema exhibition in India and the United States, Reuters reports. Plans also call for Reliance and Wanda to build real estate projects in India involving a combined area of about 20 million square feet across a pair of locations in Navi Mumbai and Hyderabad. Wanda Group earlier this year became the world’s biggest owner of movie theaters when it acquired U.S. chain AMC Entertainment for $2.6 billion. It has about 1,000 screens in China and 5,890 in the U.S. from AMC. Wanda says it plans to spend $10 billion in North America over the next decade. Reliance currently operates 254 screens in India and 170 screens across the U.S., according to Film Business Asia. Reliance also has invested in DreamWorks Studios and has backed a 10-episode pirate project for NBC. Wanda Cinema Circuit was yesterday named Exhibitor of the Year at the annual CineAsia convention in Hong Kong. Reliance’s facilities and post-production unit Mediaworks recently partnered with China’s Galloping Horse to acquire the U.S. effects house Digital Domain. Mediaworks has a 30% stake and Galloping Horse 70%.
“Wanda and Reliance are two of the largest private conglomerates in their respective countries. By joining our strengths together we hope our co-operation will bring mutual benefits and great results,” said Wanda chairman Wang Jianlin. ”Over the past few years, Reliance Group has become the single largest trading partner between India and China,” said Reliance ADA Group chairman Anil Ambani.
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