Amusement park operator Wonderla Holidays Limited today said that it is in the process of commissioning a Rs 40 crore space theme ride based on virtual reality in Hyderabad park once various mandatory clearances are secured.

Arun K Chintapally, Managing Director of Wonderla Holidays, said, “The necessary clearances are awaited for the introduction of first such park in the country. Since it is located near the airport, the permission takes time.”

Speaking to reporters here, he said that the company plans to invest Rs 350 crore in the Chennai park where the land acquisition is on the verge of being completed. The company is acquiring about 50 acre site near Mahabalipuram. The funding will be met through internal accruals and debt.

“We are also looking at opportunity to develop parks in the western region, particularly in Goa, Maharashtra and Guajarat once we complete the development of the Chennai project,” he said.

Referring to different tax rates the company is faced with as it operates in Bengaluru in Karnataka and Kochi in Kerala and Hyderabad in Telangana, the MD hoped the GST regime would pave the way for uniform taxation. “We are also hopeful that if it is in the lower slab it would add to the growth of the amusement park sector.”