Chandigarh, July 4 (KNN) A new industrial township would be developed at a cost of USD 5 billion over 1,500 acres in Sohna and Manesar, district Gurgaon.

A Memorandum of Understanding (MoU) to this effect was signed between Haryana Government and China Fortune Land Development (CFLD) Company in the presence of Chief Minister, Manohar Lal Khattar in New Delhi on Saturday.

The agreement was signed by Managing Director, Haryana Industrial and Infrastructure Development Corporation (HSIIDC), Sudhir Rajpal, and President, China Fortune Land Development Company, Jerry Zhao.

Speaking on the occasion, the Chief Minister said that under the agreement, HSIIDC and CFLD Company would execute the project as a Joint Venture.

The Chinese firm would develop infrastructural facilities, industrial units and residential and commercial projects in the township.

Industrial units related to automobiles and electronics would be established in this township. These projects would be completed within the next 10 years and would generate employment opportunities for lakhs of youth, besides making available state-of-the-art health and education facilities, he added.

Describing Haryana as a State with a growing economy, Jerry Zhao said that the company had identified required land in Sohna and Manesar.

He said that all formalities would soon be completed and work on the projects would begin by the end of the year.