Indian theme park and resort operator Wonder La Holidays is planning a RS3bn (US$45.9m, €41.4m, £29.4m) investment in Tamil Nadu to develop the largest theme park in south India.

The 222,500sq m (2.4m sq ft) project near Chennai will start development in April 2016, assuming a land purchase deal can be agreed by the end of the fiscal year, with a projected opening date of April 2018.

Funding for the scheme would come from a RS$1.2bn (US$18.4m, €16.6m, £11.8m) development loan, while the remainder will be paid for internally. The new addition would be the third Wonderla park to open in India, following those in Kochi and Bengalaru.

The company has further investments in the pipeline, with a resort and waterpark both under development at its theme park in Kochi.

Once open, the new park is expected to make profits of around RS650m (US$10m, €9m, £6.4m) in profits annually. Across its parks in 2014, Wonderla welcomed 2.2 million visitors, while growth of 15 to 20 per cent is expected this year. In its Q1 results ended 30 June, Wonderla reported profits of RS28m (US$4.3m, €3.9m, £2.7m) and a total income of RS67.2m (US$10.3m, €9.3m, £6.6m).