Bengaluru's Embassy group, Wonderla to invest in Tamil Nadu

Bengaluru-based real estate developer Embassy Group and amusement park player Wonderla on Thursday announced their plans to invest in Tamil Nadu.

The Embassy Group said, in a statement, that it would invest Rs.900 crore for development of an industrial park on 198 acres in Sriperumbudur, around 50 km from here, with the memorandum of understanding (MoU) with the Tamil Nadu government being signed at the Global Investors Meet held here.

According to the group, the investment projects would include development of an integrated industrial and logistics park with support facilities.

"Embassy Group has been a pioneer in developing IT and office parks in India with an occupier tenant portfolio of global and Indian corporations. Now with Make in India, GST (goods and services tax) and progressive states like Tamil Nadu promoting industrial developments, we foresee a huge demand for plug and play Industrial and warehousing space," Embassy Industrial Parks CEO Anshul Singhal was quoted as saying in the statement.

On the other hand, Wonderla Holidays Ltd said it would invest Rs.300 crore over the next five years for setting up a large scale amusement park here.

Wonderla plans to build an amusement park at a land parcel of 55 acres on OMR-GST region here. The company is planning to raise a debt of Rs.120 crore for the proposed project while remaining would be funded through internal accruals.

"Chennai is a promising market for our industry and with the Tamil Nadu government collaborating with businessmen to develop the state, we have decided to build our largest amusement park in Chennai," its managing director Arun K. Chittilappilly was quoted as saying in a statement.