Adlabs Imagica, the theme park owned by Adlabs Entertainment plans to expand to Hyderabad and Delhi, the company said on Tuesday. The Adlabs IPO or initial public offering also happened to hit the markets on Tuesday.
Currently, Adlabs Imagica only operates one theme park in the country and is located on the Mumbai-Pune expressway.
"As a way forward we want to be in Hyderabad and Delhi. We have identified the land in Hyderabad but Delhi we are talking about it. What I feel is these kinds of parks should be in three places of the country so you know that much potential in the business is there I feel," Manmohan Shetty, chairman and managing director, Adlabs Entertainment told NDTV.
The investment figures for Adlabs Imagica in Delhi and Hyderabad are yet to be worked out as the company wants its flagship park to turn profitable first. In the last fiscal year 2013-14, Adlabs had a loss of Rs 50 crore.
"There is no financial plan yet because I want this park to stabilise first and turn cash then get into that.
Hyderabad is not budgeted as we spent in Mumbai but I want in Delhi as big, Hyderabad will be a little lesser in terms of the budgets," Mr Shetty said.
The company hopes to turn profitable in the next fiscal year that starts in April 2015 when it will also open the doors to its hotel.
"(20)16 will be the year for us to see because the hotel will also be open, we have opened theme park, water park. Hotel will now open in April and then '16 will be the first year where we'll see all the attractions. We should able to be positive at a net level in FY16," Mr Shetty said. (Watch)
Adlabs Imagica had 10 lakh visitors in the current fiscal ending this month and hopes to get 15-16 lakh visitors during the next fiscal year. "Our target is to get 3 million (30 lakh) in the next 3-4 years' time," Adlabs said.