Network Ltd signs agreement for construction of mall

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New Delhi, Oct 15 (UNI) Network Ltd has said it has entered into a joint venture agreement with Chandigarh-based Bajwa Developers for construction of mall at Mohali.

''The total cost is expected to be around Rs 325 crores. An equity of about Rs 80 crore will be raised through inviting people to invest in the land,'' said Network Ltd Director Pankaj Shrimali.

This would also include a 100-room hotel and studio apartments of about 60 rooms, he added.

The company is also foraying into the food segment. ''We are in talks with a leading restaurant chain for entering into the hospitality sector. The terms of agreement still needs to be figured out,'' Mr Shrimali said.

A part of International Amusement Ltd, builders of Appu Ghar, said their new venture in Noida is in full swing for construction.

''We have in fact opened the Teen Zone for the public. The Great India Mall is a part of the project, which is drawing the crowds as well,'' said Mr Shrimali.

The company already has two amusements parks in Delhi--Appu Ghar and Adventure Island. ''The park at Nioda will be operational in 2-3 years time,'' added Mr Shrimali.

The concept of amusement parks is still in its infancy stages.

Though more number of such amusement parks are coming up, the business feasibility is still low. ''The idea is to provide families a good time. There should be everything under one roof and something for everyone to enjoy, another reason why we have shops and malls within the park,'' said Mr Shrimali.

At the present moment, the company is concentrating on the existing plans, while diversifying into other areas as well.

When asked if India can have its own Disneyland anytime soon, Mr Shrimali said the policies have to be made more friendly. ''There are a lot of rules and regulations. Be it just land norms, taxation or safety regulations, if it is more friendly, it would give a boost to the industry.'' UNI

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