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Arijit Sengupta, MD and CEO of Nicco Parks & Resorts Ltd which manages amusement parks, is stepping down after working for the company for 18 years. Sengupta would be replaced by Abhijit Dutta as MD & CEO with effect from January 1, 2014.

“Sengupta, after almost 18 years of distinguished service with the company, is completing his tenure as managing director. He will cease to be a director in the company effective, close of business hours on December 31, 2013,” the company announced in the stock exchange on Wednesday.

The company reported net loss of Rs 46 lakh for the third quarter of the current fiscal year. It posted net sales of Rs 5.79 crore, an increase of over 50 per cent for same period time last year which was Rs 3.87 crore.

Nicco Parks started Eastern India’s  the first theme amusement park on March 17, 1989. The company was started as a joint venture firm between diversified Nicco Group which has interests in power cables, IT and engineering solutions and government of West Bengal. In 1994, the company floated public issue and got listed in Mumbai and Kolkata stock exchanges.

(Edited by Joby Puthuparampil Johnson)

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