Tata Realty and Infrastructure Ltd may buy a stake in International Amusements Ltd (IAL) from DE Shaw, IDFC and IL&FS for around Rs.400 Cr.

IAL was incorporated in 1984 with its primary object to conceptualise and set up India's first amusement park - Appu Ghar. Spread over 15.5 acre, it used to house 20 rides in its premises till 2008 when the Supreme Court took away the land for developing its annexe.

Transaction Reference: FE

The India Trade Promotion Organization (ITPO), which owns Pragati Maidan, leased the land to IAL for three years in 1984 to run and operate Appu Ghar. Subsequently, ITPO kept on extending the lease to IAL till November 1999, when it was last expired.

In 1999, ITPO had asked IAL to vacate the land, but IAL sought legal arbitration with ITPO to continue with Appu Ghar. Meanwhile, with the Supreme Court of India urgently needing land for extension and the Delhi Metro Rail Corporation for construction of the Delhi Metro's Pragati Maidan Metro Station, the Government allocated the land to both the parties.

Finally, in 2007, the Supreme Court ratified the Government's decision to hand over the land, paving the way for Appu Ghar's eventual closure on 17 February, 2008.

IAL have two 50:50 JVs with Unitech Ltd – International Recreation Parks Pvt Ltd (IRPPL) and Unitech Amusement Parks—for running amusement parks in Noida and Rohini in Delhi. The two SPVs have been formed to carry out the implementation of the projects, IRPPL and UAPL. The IAL has also been awarded contracts to set up amusement parks in Jaipur and Gurgaon.

In 2008, DE Shaw invested Rs.630 Cr ($157.5 Mn) in IAL, while in 2006 IDFC Private Equity's India Development Fund had invested Rs.75 Cr ($16.6 Mn) in IAL's JV with Unitech in International Recreation Parks.

Tata Realty and Infrastructure Ltd (TRIL), a 100% subsidiary of Tata Sons, is planning to invest around Rs 800 Cr in residential and infrastructure projects in Chennai. Besides, it also plans to invest around Rs.1,400 Cr in setting up logistics parks at 14 locations in India.

TRIL is developing a retail project at Amristar at Rs.400 Cr, a retail and residential project at Nagpur at Rs.600 Cr, a Rs.800 Cr residential project at Kochi. It is also building three projects for TCS at Pune, Kolkata and Gujarat for Rs.3,400 Cr. All these projects are expected to be completed in two to four years

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