Bhubaneswar: Bengaluru-headquartered amusement parks operator Wonderla Holidays has announced that it has signed an agreement with the Government of Odisha for leasing of land of 50.63 acres for a period of 90 years towards development of an amusement park project in Kumarbasta Village in Khordha District in the outskirts of Bhubaneswar, Odisha.
Wonderla is planning for 115-crore investment project based on an asset-light business model.
“The company has signed an agreement with the Government of Odisha on even date for leasing land about 50 acres towards development of amusement park project in Kumarbasta Village, Khorda District, Bhubaneswar, Odisha,” the firm said in a communication to BSE. The announcement was made post trading hours yesterday.
“The Government of Odisha had invited Wonderla Holidays to their state to set up an Amusement Park in Bhubaneshwar. The Tourism Department, IDCO & Khordha District Administration have been very helpful, in particular. The Government has been giving us a lot of favourable terms and a lot of incentives are being given for us to set up the park in Bhubaneshwar. We thank the Chief Minister of Odisha Naveen Patnaik for his visionary leadership towards making this project a reality. The funding for the project will be a combination of internal accruals and some debts according to internal reports,” said Arun K Chittilappilly, Managing Director, Wonderla Holidays.
Wonderla Holidays is engaged in the business of amusement parks and resorts. The company’s segments include amusement park, resort and others. Its others segment includes sales of merchandise, cooked food, packed foods and others. Wonderla Holidays operates three Wonderla brand amusement parks in South India. The company opened its first park in Kochi in 2000, second one in 2005 at Bengaluru and third one in Hyderabad in 2016. The amusement park at Bhubaneswar will be it’s 4th Amusement Park in India.
Shares of Wonderla Holidays gained over 6 per cent Thursday after the leisure company communicated the news to BSE. Stocks of Wonderla Holidays touched an intraday high of Rs 242.05, rising 6.51 per cent on BSE. Shares of Wonderla Holidays are trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
