Wonderla Holidays shares surge 10% after company receives approvals for Chennai project

livemint.com:

Wonderla Holidays shares surged by 10% in today's trading session, reaching a historic high of ₹887 per share. This significant increase came after the company received all the necessary approvals, clearances, and no-objection certificates (NOCs) from the Government of Tamil Nadu for its Chennai project. With these key permissions now in hand, Wonderla is set to commence construction on this project.

Simultaneously, construction work on the new Odisha Park is progressing rapidly. At 2:00 PM, the shares were trading with a gain of 6.20% at ₹858 apiece. "Wonderla is set to unveil a stunning amusement park located 45 kilometers away from Chennai, nestled along the scenic Old Mahabalipuram Road.

This enchanting destination will be situated in the charming village of Illalur, a mere 2 kilometers from the OMR highway." "The grand vision for this project involves a substantial investment of approximately 400 crores, spanning across a sprawling 62-acre expanse in Illalur village, within the Thiruporur taluk of Chengalpet district," the company said in an exchange filing today. "This upcoming amusement park promises to be an iconic addition to the company’s expansion plans. It is poised to be a shining jewel in the organization's crown, offering a remarkable recreational experience to visitors," the company added.

Wonderla is also exploring opportunities to establish amusement parks in Madhya Pradesh, Punjab, and Goa. The company is a leading player in the Indian amusement park industry. It has nearly two decades of expertise in administering parks in the three different cities of Kochi, Bengaluru, and Hyderabad.