Vibgyor to open entertainment park on 1500 acre land

The Vibgyor group, owned by Ethopia-based NRI Vinod Mehta, is in the process of acquiring 1,500 acres of land on the outskirts of Ahmedabad for setting up an info-cum-communication-entertainment park at an estimated investment of Rs 1,200-1,500 crore.

"We plan to invest Rs 500-600 crore on sports. Although it is too early to comment, we also plan to set up a facility suitable for hosting major sporting events," said Punit Mehta, MD of Vibgyor.

After the project in completed the group plans to acquire another 1,500-2,000 acres, Mehta said. That area will even have the capability to hold water games or surfing, he added. An ice-park will also be set up.

After the Asian Games held in Delhi in 1982, a need for good sporting facilites in the country was felt. Mehta said the project also help development of tourism in the state.

The project, called Vibgyor's World, will have a film studio as well.

"The facility is aimed at providing latest technology such as special effects for films. Talks are on with Silicon Graphics for special effects and with Sony for audio facility," Mehta said.

From editing, cameras, light, sound, setups everything available will be of the latest technology, he said.

The company is working with Warsile for a proposed 6-10 mw power plant as part of the project. Top developers of the country such Raheja, DLF and L&T are being considered for the construction work. Foreign architects will be roped in for erecting special structures, Mehta informed.

A seven-star hotel with 13 room categories is also a part of the project.

Vibgyor is negotiating with banks at several levels for funding. Once the work begins, the project is expected to be completed in three year.

The entire project is expected to generate direct and indirect employment of 1.25 lakh, Mehta said.

Vibgyor is a major import-export house in South Africa, and one of the main commodities it deals in is coffee.