The V-Guard group on Monday announced two new amusement parks at Chennai and Hyderabad with a combined investment of Rs 550 crore.
Addressing a press conference here on Monday, Arun Chittilappilly, managing director of Wonderla Holidays Private Limited, said 55 acres of land had already been acquired in Hyderabad and construction would start soon. The park is expected to be functional by 2014.
The investment in each theme park works out to be at Rs 210 crore, including the cost of land.
Luxury resorts will also be set up in each park and at the Kochi amusement park. The group recently opened a resort with 84 luxury rooms and five fully equipped business halls at Wonderla theme park in Bangalore.
Mithun Chittilappilly, managing director of V-Guard Industries said the company would introduce two new products — domestic switch gear and induction cooker — soon. The group has also started a new vertical in the construction segment by launching Veegaland Developers Private Limited.
The new company would begin apartment projects at Kaloor and Vazhakkala in Kochi.
The Kaloor project will have 84 budget apartments while the other project will have high-end premium apartments, said Kochouseph Chittilappilly, executive vice chairman of the group.
In 2011-12, the group's turnover crossed Rs 1,000 crore for the first time with Rs 228 crore coming from the north Indian market.