Wonderla had bought a land parcel measuring 56.9 acres in Chennai at a cost of Rs 65 Cr. during mid-2017 to setup its fourth park. By now the park should have been operational however Tamil Nadu State Government was levying an additional 10% Entertainment Tax on top of 18% GST (then 28%). The company contested this and meanwhile put the Rs 350 Cr project on hold.

Finally, the Government of Tamil Nadu has agreed to give exemption to the company from levy of Entertainment Tax for a period of 5 years commencing from November 2019. Consequently, the company shall be commencing construction of the Chennai project soon, subject to necessary project approvals by the authorities.

Some basic civil work like land balancing had already started, the project could now take about 18-20 months for commissioning.

Meanwhile, the operations at three existing parks are doing well and management is confident of sustaining growth reported in Q1FY20, read the AGM note shared earlier: https://investor.stalwartvalue.com/stock_reports/26/report_updates/362?presentation_mode=true#/