Forrec to design amusement park in Noida

The New Delhi-based International Recreation Parks on Friday said it has roped in the Canadian amusement park designing major Forrec for setting up an amusement park in Noida at an estimated cost of Rs 1,000 crore (Rs 10 billion).

"The first phase of the park World Wonders will be over by the middle of the next year," IRPPL managing director Sanjiv Tyagi told reporters in New Delhi.

The project, comprising three theme parks for children, teenagers and families, two shopping malls and a 100-room three-star hotel, would be over by 2008.

IRPPL is a 50:50 joint venture between International Amusement Ltd that manages Appu Ghar and the Gurgaon-based real estate developer Unitech Ltd.

The JV plans to invest Rs 400-450 crore (Rs 4-4.50 billion) in the project through a mix of equity and internal accruals, while the rest would be financed through various debt instruments and private placement.

"Our design will ensure highest level of standards for the park," said Steve Shah, project director of Forrec Ltd.

Forrec has extended its services to Universal Studios, Disney Development Company of USA, Canada's Wonderlands and Six Flag Fiesta.

The park would come up on 142 acres of land that IRPPL has acquired through competitive bidding from Noida administration.