ta Atlanta plans to develop Asia's largest theme park in Surat | Vinay Umarji & Kalpesh Damor / Mumbai/ Ahmedabad Nov 22, 2011, 00:38 IST | |
In what could give a major fillip to Gujarat's tourism industry , Mumbai-based Atlanta Ltd . an infrastructure development and real estate company, has received in principle approval from the state government to set up a USD 2 billion (Rs 10,412 crore) theme park in Surat.With the first phase of the project set to begin in April 2012, the theme park has been cleared by the Gujarat Industrial Development Board and Gujarat Tourism Board and the state cabinet is expected to give a final go head in a few weeks. Atlanta, which is active in emerging sectors like road projects, is in talks with
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It will also provide air taxi helicopter services from major cities.The initial investment in the theme park will be about USD 2 billion, which comprises of land development cost, building facilities, transport, technologies, design and planning. The project cost also includes interest during construction.In fact, the entertainment city may be bigger than Disneyland in California, Paris and Tokyo and is expected to be fully operational in three to five years. The site is expected to attract 10 million tourists every year from India and abroad. Disney World in Florida attracts about 45 million tourists every year.While the market research and financial model is being done by Ernst & Young (E&Y), the conceptual plan is done by Morphogenesis, apart from a foreign investment banking house also being mandated by the company.“International Theme Park Consultants’ bet on India’s rising middle class to fuel growth, after the global financial crisis hurt spending in the US and Europe. The Asia-Pacific region is the fastest growing area by sales for Disneyland, the California based company. There were other options also in Sindhudurg, Maharashtra and near Mysore in Karnataka but Suvali was taken up due to its moderate climate and convenient transportation network, which requires moving a large number of tourists in and out.