DE Shaw makes debut in amusement park business
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Mumbai: In a Private Equity (PE) deal considered to be the country's first such deal in amusement park, private equity major DE Shaw is investing Rs 630 crore ($157.5 million) in Noida-based International Amusement (IAL), the promoters of Appu Ghar, reported Business Standard. The deal values IAL, which is closely held by the Vijeshwar family, at Rs 3,000 crore. However, the exact equity stake picked up by DE Shaw is not known as the company has issued a convertible instrument. Sources close to the developments said that 3i, ICICI Ventures and Merrill Lynch have also looked at the deal. Enam Securities was the sole advisor to the transaction. Robin Vijeshwar, managing director, IAL, said the company is in talks with several private equity funds. The company plans to use the funds for its 350-acre Jaipur amusement park, and some other ongoing projects. "We are looking at bigger formats of entertainment parks ranging from 50 to 500 acres and are in talks with several state governments as we plan to have a pan-Indian presence. The funds raised will be used for acquiring land, procurement of rides and construction of parks," Vijeshwar added.

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