|Adlabs Entertain ment, the company that oper ators the Adlabs Imagica theme park, is looking to ex pand to Delhi and Hyderabad promoter and film industry veteran Manmohan Shetty said. But building new parks is contingent on finding partners who are interested in in vesting in them.|
Adlabs Imagica, just off the Mumbai-Pune highway, is expected to get 2 million visitors this year. Footfall is seen as a measure of success for theme parks and so investors closely track it to fund projects, Shetty said in an interview. The company is targetting 2.5 million visitors each year to run Adlabs Imagica optimally.
Initiation of the two new properties, which Shetty believes will saturate the Indian theme park market, is held up in a "chicken and egg" dilemma. He said investors want the company to show them the land reserved for the projects in Mumbai and Hyderabad while the land owners want to be paid first. As a starting point, the company has decided to make arrangements for land over the next quarter so that it could come up with more concrete proposal to lenders.
The company is unwilling to take on board any strategic , partners from overseas, be cause it prefers to keep control over content. "We can look into only an international investing partner.We are better positioned than companies that manage and operate theme parks," Shetty said.
For Imagica, which Shetty initially planned as a Rs. 2,200 crore project, the funds that finally came through were less and the park was finally . 1,600 built with a little over crore. The public listing earlier this year, Shetty said, was the only way for the company to raise funds it could take risk with. The company now , plans to launch a snow park adjacent to Imagica in January, Shetty said.