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Wonderla Holidays, a prominent amusement park and resort chain, is currently engaged in advanced discussions to expand its operations in Punjab and Madhya Pradesh. The company is confident in the scalability of its existing business model and aims to make formal announcements regarding its expansion plans soon, as stated by a senior company executive. The company strongly sees Chandigarh as a prime market, particularly within the tri-city region that encompasses Mohali, Chandigarh, and Panchkula. They also recognise its untapped potential due to the absence of comparable offerings in terms of both scale and nature.
Meanwhile, in Madhya Pradesh, Wonderla is evaluating potential new locations in Indore and Bhopal for its expansion endeavours. Chittilappilly shed light on the company's investment strategy, noting that larger parks generally receive allocations of approximately 400-450 crore INR, while smaller parks require around 100-150 crore INR. The company's existing cash flows, at around 300-350 crore INR, along with its debt-free standing, eliminate financing concerns for these ventures.
Presently, Wonderla is actively constructing two parks. The Bhubaneshwar Park is expected to be completed within 18 months, while the Chennai Park is projected to be ready by June-July 2025. In the upcoming year, the company has allocated a capital expenditure of 70 crore INR for ongoing projects, in addition to 450 crore INR for developing the two new parks.
The official disclosed that out of the planned 400 crore INR investment for the Chennai project, approximately 120 crore INR has already been spent. Similarly, for the Bhubaneshwar Park, an anticipated total outlay of 150 crore INR includes an allocation of 20 crore INR that has already been utilized. With a current direct employment of around 1,000 people, Wonderla plans to increase its workforce by 300 individuals in Chennai and Odisha during this year.
Looking ahead, Wonderla envisions extending its presence to international markets such as Saudi Arabia and Sri Lanka over the next three years.
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