India's largest cinema exhibition company PVR Ltd and KidZania, a Mexico-headquartered global chain of family entertainment centres, have tied up with International Recreation Parks Pvt Ltd (IRPPL) for running a ‘superplex’ and an edutainment theme park in Noida, the company said in a release.
PE-backed PVR will operate a 15-screen multiplex or superplex in the upcoming location, making it the biggest multiplex in the country. KidZania will operate a children’s theme park at the spot.
The two projects will be developed by IRPPL, a joint venture between Unitech Ltd and International Amusement Ltd. The company is already behind some amusement parks in the region and the new initiative would mark an addition to its business operations.
The two deals at Entertainment City, Noida have been handled by international property consultant CB Richard Ellis. The two projects would span approximately 150,000 sq ft.
For KidZania this would be its second project in India. It has recently opened its first theme park in Mumbai and plans to develop four-five parks across the country in the medium term. KidZania builds child-size replica of a real city.
The business model banks on two revenue channels. While the tickets to the park comprise one part of it, it also generates revenue from brand partnerships where the pavilions are sponsored by the brands for role playing characters. The first Indian theme park in Mumbai has brought together brands like Kellogg’s Chocos, Birla Sun Life Insurance, Cadbury Dairy Milk, Big Bazaar, Coca Cola, Hardy’s, Nerolac, Hyundai and Yes Bank.
Its India franchisee rights are held by the firm which counts amongst its shareholders Paras Chandaria, who heads the Singapore branch of his family controlled Comcraft Group, along with Bollywood actor Shah Rukh Khan, and global investment firm Xander Group.
(Edited by Joby Puthuparampil Johnson)
