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IDFC backs Indian theme parks

The private equity arm of India’s Infrastructure Development Finance Company is backing the development of an entertainment hub that aspires to being India’s largest.

IDFC Private Equity has invested Rs750 million ($16.3 million; €12.8 million) in the development of a new entertainment hub in suburbian Delhi. The project, to managed by International Recreation Parks, is engaging international consultants to help develop an amusement park that will spread over 209 acres of land.

The project will consist of two amusement parks, four hotels and India’s largest shopping mall, according to a statement.

“This is one of the most exciting infrastructure deals in the country, and not a plain vanilla real estate deal,” said Luis Miranda, president and CEO of IDFC Private Equity.

“India has never seen anything like this. My kids are excited.”

IDFC Private Equity will be investing in the recreational park project from its $190 million India Development Fund. The transaction is scheduled to close toward the end of June.

The firm is currently working on another investment in the healthcare sector. Once it closes, according to Miranda, the India Development Fund will be almost fully invested. 

Last month, IDFC Private Equity concluded an Rs900 million investment in Manipal Health Systems Private Limited from a separate fund, IDFC Private Equity Fund II. Manipal Health Systems has nine primary care hospitals, eight secondary care hospitals and three tertiary care facilities.