IDFC PE and SBI tipped to invest $154m in theme park
IDFC Private Equity and SBI Capital Markets are rumored to be considering investing INR1.2 billion ($154 million) in an INR95 billion theme park development based in India.
The theme park, located at Surat in Gujarat, is being developed using funds from Atlanta Tourism Ventures, a special purpose vehicle created by infrastructure and real estate company Atlanta.
Atlanta managing director Rajoo Barot told the Financial Express that he is in discussion with number of private equity firms about investment in the vehicle. The project, he said, will be financed through a combination of around INR10 billion equity and INR30 billion debt.
Funding will also be raised through the pre-sale of facilities such as restaurants and hotels, and the company is reportedly talking to Kotak Mahindra Bank about providing a debt package.
Atlanta received approval from Gujarat government for the development, which could end up partnering Canada's Wonderland or Malaysia's Genting tourist attractions.
"We are happy to see immense interest from financial institutions in the project, which will redefine the tourism landscape in India and Asia," added Barot.
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