IRPPL raises Rs 75 cr from IDFC equity fund for Noida project
New Delhi, July 5 (UNI) International Recreation Parks, (IRPPL) today announced it has raised Rs 75 crore from IDFC Private Equity's India Development Fund, to set up a world-class urban development project in Noida by 2009-10, in partnership with Cartoon Network.
''We have raised Rs 75 crore from IDFC's equity fund, Rs 140 crore as loan from the bank, Rs 110 crore from our promoters and around Rs 100 crore from our customers against lease, for the first phase of the project that will be complete by October this year,'' IRPPL Financial Controller Rajan Narula told UNI.
He added that investment for the Phase-I construction spread 70 acres, was 650 crore out of which the company had raised more than half. ''We have submitted our plans for the second phase to the Noida Development Authority. The entire project would be complete by the 2009-end or the beginning of 2010.'' The total investment of the project that stands at over Rs 1,500 crore, will be funded through a mix of debt, equity and internal accruals.
IRPPL, promoted by the Unitech Group and International Amusement Ltd will set up the entertainment hub across 147 acres of land in Noida and 62 acres in Rohini, and will contain two amusement parks, 4 hotels and India's largest shopping mall.
The project will have over 2 million square feet of retail space.
Consultants from around the globe have provided their services to make it the world-class destination that it is envisaged to be.
Canada-based Forrec Ltd is the Architectural planning and Design consultants for this project. Some of their other projects include Universal Studios, Orlando and Legoland, Germany.
France-based ECA2, a Conception and Production Company for Multimedia shows, will design a multimedia show combining water, light, pyrotechnics and music.
Management Resources, based in California, are the consultants for the pre-opening operations and management for this project.
They have worked with a large number of amusement parks in and out of the US such as, Sea World, Florida and Disneyland International Paris, France.
Others include Scotland's Euro Pools, Water Management consultants for the project; Toronto-based Dan Euser Waterworks, design consultants for water features in the Park, US-based City Design Group, responsible for designing the theme lighting in the project.
The Unitech Group is one of India's leading real estate development companies and is based in Gurgaon. International Amusement Ltd pioneered the concept of amusement parks in India, with the launch of 'Appu Ghar' in 1984.
IDFC Private Equity is the leading private equity investor in infrastructure in India and manages funds of Rs 2,850 crore.
Other investments of IDFC PE include GMR Infrastructure, Gujarat State Petronet, Chalet Hotels, Delhi International Airport, L&T Infrastructure Developers, Gujarat Pipavav Port and Manipal Health Systems.
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