Dalian Wanda seeks relaxations for India business

NEW DELHI: Representatives of Chinese real estate giant Dalian Wanda, which plans to invest USD 10 billion in India, met DIPP officials here today to press for certain concessions as well as relaxation in some regulatory norms.

According to sources, the world's largest property developer wants to bring USD 10 billion into India as external commercial borrowings (ECBs) as against the USD 750 million limit permitted by RBI.

During the meeting with DIPP Secretary Ramesh Abhishek, the company officials are understood to have sought concessions for the industrial park that the firm is planning to develop in Haryana and other investments including breaks on corporate and service tax besides customs and import duties similar to special economic zones.

The Chinese real estate major is also seeking permission to sell plots that are underdeveloped or only partially developed in its proposed industrial park in Haryana.

A group of official who attended the meeting declined to comment on the development saying "it is something that is in process".

According to officials, the Department of Industrial Policy and Promotion (DIPP) is pursuing the concessions sought by the firm with other ministries, departments and regulators since many of these demands are outside the current overseas investment policy framework.

The Dalian Wanda Group is owned by one of China's richest men Wang Jianlin.