M3M Group, India signs Strategic MOU with XinJi Co. of China

M3M Group has announced their strategic tie- up with the XinJi Co. of China for massive Multi-Usage complexes with Multi-Trade Exposition Centre's in India. Both the companies signed a MoU for planning to build new multi-usage complexes with convention and exposition Centre in Gurgaon. The total value of these new projects over the next five years will worth over US $ 5 billion.

This unprecedented collaboration by the M3M Group, Real Estate Development leaders in India, with one of the largest Chinese Corporations of China, follows hot on the footsteps of the recent meeting held between Prime Minister Narendra Modi and the Chinese Premier Xi Jinping on his last visit to India.

China has shown interest in partnering with India in the urban development sector, including the development of new smart satellite cities and large Expo Centre's, to foster world trade employing mutual resources and talent. The top leadership of China conveyed its areas of interest during extensive talks that were held between the two great economies. During the talks, both sides decided to set up committees to further examine and concretize the areas of cooperation between the two countries in the context of India's initiative to build 100 news smart cities.

Pankaj Bansal, Director-M3M Group, stated at a formal signing ceremony on the association between M3M and the Xinji Group, "This is a historic step taken by any Indian company, inspired by our honorable Prime Minister to 'Make in India'! We at the M3M Group are proud to sign this momentous MOU agreement to associate with one of China's best and largest Groups to develop world-class Maxi Expo Centre's in India".

Commenting on the MOU, India's Consul General in Guangzhou, K Nagaraj Naidu said, "If materialized, such huge Expo-Centre's could play a major role in showcasing India's products as the country lacks this facility, barring a few like in Pragathi Maidan. China has benefited immensely from developing huge expo- centres in several cities including Shanghai and Guangzhou by holding annual fairs attended by lakhs of buyers from abroad."

These Centers will have large International Convention Arenas, Hotels, Exhibition Halls, Office Spaces, Retail Hubs and Universal Media Cities. In fact, this type of development will foster world trade for both countries. They will rival and supersede the likes of Pragati Maidan, the Melbourne Darling Harbour Centre and Seoul and Dubai Expo Cities!

M3M will be able to benefit from the experience of Xinji, as the corporation is well known for developing and providing every aspect of the hospitality industry. M3M has the knowledge, experience, land bank (2000 acres) to partner such a venture. Initial information regarding the agreement proposes a joint investment by both groups. A total investment of US $ 5 billion has been planned in over 5 years for the venture which will see numerous Maxi Expo Centers all across India as part of the satellite 'Smart City' concept of the Prime Minister of India. Total 1000 acre land has been identified in Gurgaon for this development.

Source : Equity Bulls

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