Atlanta announces Rs. 9,500cr city in Surat

Mumbai : Atlanta, which is a Mumbai based company and engaged in real estate, infrastructure and mining business, has drawn up plan to set up a sprawling entertainment city at Suvali on outskirts of Surat city in Gujarat. The newly planned mega city spreading across an area of 3,200 acres is being built on public private partnership (PPP) model at an investment of Rs. 9,500cr. Managing Director, Rajhoo Bbarot, revealed that the company has already inked a memorandum of understanding with the Gujarat Government for a concession period of 36 years. Other mandatory terms and conditions for the project, which is scheduled to be completed in the next 36 months, are being finalized with the appropriate authorities on war footing. The main advantage is that land is already in the possession of the state government and there is no resettlement, rehabilitation and acquisition component remained to be addressed.

Dwelling in details on the financial issues, he added that the company is bringing Rs. 1,000cr as equity and the debt component would be Rs. 3,000cr and that the company is currently scouting for a partner to run five theme parks to be set up within the premises of the city. Apart from this, the project will also have one mature park stretching across an area 270 acres for which it is currently looking for a collaborator who would bring value to the table by way of his expertise in running theme parks similar to Sentosa or Disneyland.