A Chinese contractor plans to invest $50m to create a global building materials hub in the city of Bangalore, India.
The idea of Sino Great Wall International Engineering is to help Indian property developers source building materials locally instead of having to travel to China, as they commonly do now, the Beijing-headquartered firm said.
Sino Great Wall is looking for a 45-acre site near the international airport in Bangalore (also called Bengaluru), and plans to start construction within six months, a company executive said.
The firm will be hoping to capitalise on an upswing in mega projects in India, such as the $100bn Delhi-Mumbai Industrial Corridor, billed as the largest infrastructure and construction project in the world.
"We realised that many Indian real estate developers visit China to source building materials. We are creating an opportunity for them to buy the materials directly from the hub which will save time and cost," Sino Great Wall general manager Robbie Liang told newspaper The Deccan Herald.
The company, with a reported market capitalisation of $3bn on the Shenzhen stock exchange, will invite suppliers from China and around the world to set up shop at the materials hub.
"In order to quickly complete the project, we are planning to bring a minimum of 1,000 skilled Indian workers from our ongoing Middle East projects," Liang told the Herald.
Sino Great Wall has also formed a joint venture with Bangalore-based Fortuna Group to develop real estate projects in India.
Photograph: A highway under construction in Bangalore, India (Creative Commons)
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Sooooo, just a new ‘DragonMart’ specifically for building materials?
Hopefully, Indian demand will help keep China afloat during this transitionary phase in their economy.
I, for one, welcome our Chinese overlords..