Manmohan Shetty’s Adlabs to build Rs 1.6k-crore theme park near Mumbai
Called Adlabs Imagica, the project coming up on a 300-acre plot will redefine the theme park experience in the country, Shetty said. (BCCL photo)
MUMBAI: Manmohan Shetty's Adlabs Entertainment is building Rs 1,600-crore theme park on the Mumbai-Pune Expressway and the entertainment entrepreneur has secured two-thirds of the total project cost in debt from a consortium of 14 banks led by Union Bank.
"It took nearly 18 months to get the 14 banks to see and believe in my vision, as they did not have any previous benchmark to go by," said Shetty who will cough up the rest of the project cost as equity.
Called Adlabs Imagica, the project coming up on a 300-acre plot will redefine the theme park experience in the country, he said. It will be rolled out in three phases, with the first phase scheduled to open to the public by March next year.
Spread over 110 acres, the first phase will have about 21 international standard rides including the country's largest roller coaster and 4D stimulation rides.
Phases two and three will include a water park and a three-star hotel, Shetty said. The travel time from both Mumbai and Pune will be around one hour.
"We have chosen Mumbai as the location, since it is the financial capital of India and has the most attractive catchment to support the entire eco-system of a project of this magnitude and scale," Shetty said.
While entry prices are not yet fixed, it is expected to be around Rs 1,400-1,500 per person.
Ticket prices would form 75 per cent of the revenue, with the rest coming from food and beverages as well as merchandise sale.
Shetty said he is also open to dilute the equity in an appropriate time with the right partners and valuation. He said the theme park can accommodate 20,000 visitors at any given time and that the water park will be added in the first year itself.
"We are looking at targeting above 3 million visitors in the first year of operations," he said.
A maverick entertainer, Shetty founded Adlabs Films Ltd as an advertising films processing company in 1976. Soon, the firm ventured into feature film processing by setting up a state-of- the- art laboratory in Film City, Mumbai and processed 80 per cent of all films made.
After going public at the turn of the century and expanding into the film exhibition business, Shetty sold his stake to Anil Dhirubai Ambani Group, and two years later set up his own Walkwater Media and began producing films.
Source : Nandini Raghavendra, ET Bureau
Called Adlabs Imagica, the project coming up on a 300-acre plot will redefine the theme park experience in the country, Shetty said. (BCCL photo)
MUMBAI: Manmohan Shetty's Adlabs Entertainment is building Rs 1,600-crore theme park on the Mumbai-Pune Expressway and the entertainment entrepreneur has secured two-thirds of the total project cost in debt from a consortium of 14 banks led by Union Bank.
"It took nearly 18 months to get the 14 banks to see and believe in my vision, as they did not have any previous benchmark to go by," said Shetty who will cough up the rest of the project cost as equity.
Called Adlabs Imagica, the project coming up on a 300-acre plot will redefine the theme park experience in the country, he said. It will be rolled out in three phases, with the first phase scheduled to open to the public by March next year.
Spread over 110 acres, the first phase will have about 21 international standard rides including the country's largest roller coaster and 4D stimulation rides.
Phases two and three will include a water park and a three-star hotel, Shetty said. The travel time from both Mumbai and Pune will be around one hour.
"We have chosen Mumbai as the location, since it is the financial capital of India and has the most attractive catchment to support the entire eco-system of a project of this magnitude and scale," Shetty said.
While entry prices are not yet fixed, it is expected to be around Rs 1,400-1,500 per person.
Ticket prices would form 75 per cent of the revenue, with the rest coming from food and beverages as well as merchandise sale.
Shetty said he is also open to dilute the equity in an appropriate time with the right partners and valuation. He said the theme park can accommodate 20,000 visitors at any given time and that the water park will be added in the first year itself.
"We are looking at targeting above 3 million visitors in the first year of operations," he said.
A maverick entertainer, Shetty founded Adlabs Films Ltd as an advertising films processing company in 1976. Soon, the firm ventured into feature film processing by setting up a state-of- the- art laboratory in Film City, Mumbai and processed 80 per cent of all films made.
After going public at the turn of the century and expanding into the film exhibition business, Shetty sold his stake to Anil Dhirubai Ambani Group, and two years later set up his own Walkwater Media and began producing films.
Source : Nandini Raghavendra, ET Bureau
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