Wonderla Holidays readies its third theme park at Hyderabad

Also lines up additional Rs 500 cr investment for Chennai theme park as well as upgradation of existing Bangalore and Kochi facilities

Wonderla Holidays Limited is hoping to earn Rs 60 crore in top-line in the first year from its third amusement park to be opened next month in Hyderabad.

Set up with Rs 250 crore, by far the biggest investment in a single place by the Kochi-based company, the over 50-acre Hyderabad amusement park will have several new features including the first of its kind reversing roller coaster, according to Arun K Chittilappilly, managing director of Wonderla Holidays Limited.

The company currently operates two amusement parks in Kochi and Bangalore respectively while generating about Rs 200 crore revenues annually and attracting around 25 lakh visitors.

Two years ago the company had raised Rs 180 crore from initial public offer(IPO) to build the theme park in Hyderabad.

"In the first year we hope to attract 7 lakh visitors and this will eventually reach our projected target of 12 lakh visitors in fourth or fifth year into operations,"Chittilappilly told reporters in the light of the proposed soft launch of the theme park on April 2, 2016. The theme park business is growing 15-20 per cent every year, he said.

The company is planning to spend Rs 150 crore on Bangalore facility and about Rs 50 crore on Kochi facility to upgrade them with additional features similar to Hyderabad theme park in the next 2-3 years. Wonderla will also start work on the largest ever Chennai theme park, which is expected cost upto Rs 350 crore, soon. It will be ready in 2018, according to Chittilappilly.

Responding to questions, Arun Chittilappilly said they have been receiving invitations from several state governments to set up similar facilities owing to their popularity and they may look at states like Maharashtra and Gujarat in future.