Adlabs Entertainment – owner of Adlabs Imagica in Khalapur – is planning to set up a second theme park in India, this time in Hyderabad in an effort to cash in on tourism in the area, with further plans for a third park in the Delhi area after that.

“We have plans to set up a theme park at Hyderabad. The proposed theme park will be through a joint venture model with the land owner,” said Adlabs Entertainment director and chief executive officer Kapil Bagla speaking to the Deccan Herald.

“The company has identified the land but not finalised anything apart from that including the capital expenditure. We are also eyeing something similar in North India in the national capital region (NCR).”

Adlabs owns two existing attractions, the Imagica theme park – opened in April 2013 – and Aquamagica waterpark, which opened in October last year. The company also owns the Novotel Imagica Khopoli – a family hotel expected to be completed at the end of March.

The second theme park is expected to be of similar stature to Adlabs' existing park, which is spread over 300 acres (1.2sq km) and features 26 attractions including India’s largest floorless rollercoaster and five themed restaurants.

"Adlabs are looking to set up two more theme parks over the next four to five years," said a spokesperson speaking to AM2. "One of these would come up at Hyderabad for an approximate investment of around INR5.5bn (US$88m, €80.9m, £58.2m) and another one could come up near Delhi."

While details are scarce for both developments, the spokesperson did confirm to AM2 that for the Hyderabad park, land would be acquired from local developers while Adlabs develops the theme park.

Adlabs Entertainment is looking to raise INR4.67bn (US$75m, €67.8m, £49.1m), by issuing an IPO on 10 March. The proceeds generated by the IPO will go towards repayment of existing debt and investment into the theme park developments.