Unitech in deal to set up two fun parks in Delhi, Noida

Real-estate major Unitech and International Amusement Ltd-promoters of Appu Ghar, India's first amusement park, are jointly setting up two entertainment parks in Noida and Rohini with an investment of about Rs 1,600 crore.

The joint venture company to be called International Recreation Parks Pvt Ltd (IRPPL), has tied up with global media conglomerate Turner Inc's children entertainment channels Cartoon Network and Pogo to provide a specific themes to the amusement parks.

"We would invest Rs 1,200 crore on the Noida project and around Rs 400 crore on the Rohini project to build state-of the-art amusement parks in Delhi and its neighbourhood. We are running the Rohini park on a trial basis while the Noida project is expected to be operational by mid of this year," IRPPL Managing Director Rakesh Babbar said.

He said the park would feature over 30 different rides and attractions, which will be supplied by leading European manufacturers including Zamperla of Italy who also supply rides to Disney, Universal Studios and Six Flags.

"The projects would be funded through a mix of resources including debt, equity and internal accruals," Babbar said.

Noida park, which would have a built area of 150 acres, would be divided into two zones -- amusement park and commercial -- with 85 per cent of the site dedicated to the amusement park and the remaining 15 per cent for commercial purposes.

The first phase of operations in Noida, expected to be complete at an investment of Rs 600 crore in July, would include a teen zone and a lifestyle centre.

The second phase will include the opening of rest of the amusement park and a premium brand retail section- Garden's Galleria.