Wonderla Holidays to set up one of country's biggest amusement parks in Bhubaneswar

Bhubaneswar: Bengaluru-headquartered amusement parks operator Wonderla Holidays has announced that it has signed an agreement with the Government of Odisha for leasing the land of 50.63 acres for 90 years for the development of an amusement park project in Kumarbasta Village in Khordha District on the outskirts of Bhubaneswar. Wonderla is planning for a 115-crore investment project based on an asset-light business model.

"The State government has been giving us a lot of favourable terms and incentives to set up the park in Bhubaneshwar. We thank Chief Minister Naveen Patnaik for 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, resorts, merchandise, cooked food and packed foods. Wonderla Holidays operates three Wonderla brand amusement parks in South India. The company opened its first park in Kochi in 2000, second in 2005 at Bengaluru and third in Hyderabad in 2016. The amusement park at Bhubaneswar will be its 4th Amusement Park in India.

Shares of Wonderla Holidays gained over 6 per cent and touched an intraday high of Rs 242.05 on Saturday after the leisure company communicated the news to BSE.