Establishment of SPV for development of Amusement Park at Tattoo Ground approved

STATE TIMES NEWS

SRINAGAR: Administrative Council (AC) which met here on Saturday under the chairmanship of Manoj Sinha, Lieutenant Governor, granted approval for conveying consent of the UT Government to Government of India for setting up of Special Purpose Vehicle (SPV) for the development of Theme/Amusement Park at Tattoo Ground, Srinagar over 139.04 acres of land.

Earlier UT Government had approached MHA in this regard who proposed a collaboration with Government of UT of J&K for the development of this amusement park. The Government of India intends to support the UT of J&K to leverage the tourism potential of J&K and catalyze growth in the tourism sector by attracting tourists from across the globe by creating a State of the Art Theme/Amusement Park (Theme Park) at Tattoo Ground, Srinagar.

The Theme Park will not only enhance tourist footfall but it will also be a centre of revenue generation and create employment opportunities in the region. To undertake the project, a formal institutional structure is proposed as a Special Purpose Vehicle (SPV), under the Companies Act, 2013. The SPV so formed will implement the Theme Park either by itself or through its subsidiary or through a private player, on a Public Private Partnership basis or through any other acceptable mode, as may be decided. SPV will be an asset light company with no investment in the creation of capital assets.

The project is expected to create sufficient employment opportunities in the UT. The project will be first of its kind in the UT of Jammu and Kashmir and the theme park zoning involves sectors like hotels, hospitality, rides, indoor attractions, retail, commercial, offices, film facility, food and beverage etc. and all these sectors have huge potential to create employment generation in the region.