V-Guard's amusement parks in Hyd, Mumbai

Kerala-based V-Guard group will launch two more amusement parks of global standards in Mumbai and Hyderabad.

The group, which has commenced preliminary work after conducting an in-house feasibility study of the project, expects the parks to become operational by the end of 2008.

As part of its mega diversification plans, the group started its first venture in the amusement industry in Kochi in April 2000, followed by Bangalore in October 2005.

Sources close to the company told Business Standard that as part of its penetration into the north Indian market, the group had planned to start an amusement park in Mumbai.

They said that the company had already identified two locations "� one at Panvel and another on the Mumbai-Pune express highway "� and a final decision on the site would be taken within a couple of weeks.

In Hyderabad, the proposed park would be within the city limits and the decision on the site would be taken soon. The construction work on the parks would be completed simultaneously so as to commence operations within two years.

They added that the group had planned to introduce more high-tech rides in order to attract young crowd.

According to the feasibility study, Hyderabad does not have a good amusement park while they are too expensive in Mumbai for the middle-class. Hence, the company plans to fill the gap to provide wholesome entertainment to the middle-class in the two cities.

The group has started two separate companies for its amusement parks division. While the Kochi park comes under Veega Holidays and Parks Private Limited, Bangalore facility is under the umbrella of Woderla Holidays Private Limited.

Sources said that as part of V-Guard's two-way strategy to diversify and develop, the company plans to introduce more home appliance products and develop its marketing network in north India, especially in Uttar Pradesh, New Delhi and Haryana.

In the home appliances division, which is the mainstay of the group, a home security system would be introduced within three months. The new product, which is based on electronic technology, would be launched in the Kerala market. A host of other household products are also on the cards.

V-Guard registered a turnover of Rs 225 crore in 2005-06 and is targeting a turnover of Rs 280 crore during 2006-07.