Adlabs signs MOU with Riverbay Group to develop and operate a new entertainment park in Amaravathi, Andhra Pradesh
Deepthi | Myequity news | Date : 24-09-2018 17:55:00 IST
Adlabs Entertainment Ltd. (Adlabs) has signed an MOU with Riverbay group, to develop and operate a new entertainment park in Amaravathi, Andhra Pradesh. Adlabs will provide its expertise and IP to develop the new park, while the capital will be contributed by Riverbay. Adlabs would also operate and maintain the park for which it will receive a revenue share.
The new park would be the first park in the planned capital of Andhra Pradesh and will expand Imagica’s brand presence in southern India. About Adlabs Entertainment Limited:
According to Mr. Dhimant Bakshi, Jt. CEO, Adlabs Entertainment Ltd, “This new format ensures a higher revenue generation for Adlabs without the need for incurring any capex, further helping the company in its plans to grow and expand its brand presence across the country”. He added, “With this association we continue our endeavour is to sweat our unique IPs and ensure that brand Imagica reaches every household.”
Adlabs Imagica is a project of Adlabs Entertainment Limited (AEL), promoted by Mr. Manmohan Shetty. Imagica is one of India’s leading holiday destinations and offers a gamut of interesting experiences in one place through its Theme park, Water park, Snow park and Hotel. With Imagica, Adlabs Entertainment Limited has created an all weather entertainment destination that provides unique experiences to its guests. Located conveniently off the Mumbai-Pune Express Highway.