Newstrack

Essel Group-MTDC to set up entertainment & tourism centre

Region to be one-of-its-kind centre between Europe and Far East

Chetan Kapoor - Mumbai

In what it is deemed to be a first of its kind partnership in the country, the Essel Group is entering into a joint venture with Maharashtra Tourism Development Corporation (MTDC) to develop a special economic zone (SEZ) on entertainment and tourism centre in north-west Mumbai.

Speaking exclusively to Express Hospitality, Nilesh Mistry, vice president (Corporate Affairs), Essel Group, said, "Around 5,000 hectares of land around Gorai belongs to the Mumbai Metropolitan & Regional Developmental Authority (MMRDA) and it has been earmarked as a 'Recreation and Tourism Development Zone'. Sixty per cent of this land is developable and we plan to enter into a joint venture with MTDC to build an entertainment and tourism centre."

Under the regional plan, MMRDA revises development plans every 15 years by reviewing the progress and growth of activity in its region and accordingly redefines the usage or the zoning of the concerned activity. Mistry added, "The area around Gorai is known for its beaches, and even EsselWorld and Water Kingdom are located there. The MMRDA felt that this place had tremendous potential for tourism development."

Talking about the venture Mistry added, "The project will be based on the PPP model wherein the government will bring land as equity, thus creating a good equity base for our company. We will invest the rest and develop the region. We've got an approval in principal by the Ministry of Commerce, wherein it will be based on media, entertainment, sports, healthcare, wellness, education, and some IT processing base to support the tourism industry. It will be based on the lines of Genting Highland, Sentosa Island and Dubailand. This region will be a one of its kind location between Europe and the Far East."

The joint venture is expected to be finalised soon and accordingly the MoU will be signed, to be followed by processing various studies - land surveys, environment studies, and concept master planning. A consortium of Canadian and US-based consultants has been appointed to create the concept plan. While it was said to be too premature to disclose the level of investment, all concept plans are expected to be ready by six to eight months, followed by getting certain basic clearances. The Essel Group hopes to start executing this project in about 1.5 years and take about five years to complete the entire project.