BDA Nicco Parks and Resorts Ltd, the joint-venture between Calcutta-based Nicco Corporation Ltd and the Bhubaneswar Development Authority (BDA), will be investing Rs 10 crore in three phases for the amusement park at Nandan Kanan in Bhubaneswar.
A source in BDA said that in the first phase, the company will be investing Rs 3 crore.
The second phase investment will be Rs 2 crore. In the third phase costing Rs 5 crore, a recreational facility will be opened adjoining the amusement park.
More From This Section
According to the source, the first phase will have a debt: equity ratio of 1:1.5. The facilities being offered at the recreational centre has not yet been finalised. "A lot of facilities for sports will be offered, said the source.
Raja Mani, vice-chairman, BDA said: "Bhubaneswar is devoid of entertainment facilities for its citizens. The state government is very keen to fill up this void by implementing this project as smoothly as possible."
Rajive Kaul, chairman and managing director, Nicco Corporation Ltd, confirmed that he was giving the project top priority, and is also planning to visit Bhubaneswar personally to monitor the progress. He also added that Orissa government is giving its full support to the project.
The state government has allotted 56 acres of land which is 12 acres more than the ground covered by Nicco Park in Calcutta.
BDA has a 49 per cent stake in the venture.
The first board meeting of the new company was held on March 13 where it was decided that Kaul and Mani would finalise the details of the project.
On April 5, the chief secretary of Orissa and other senior bureaucrats met to finalise the detailed layout and phase-wise planning of the project.
The park is expected to be inaugurated in the first quarter of 1998.