Adlabs Entertainment Ltd (Adlabs), the company which owns a string of theme parks, water parks, and snow parks under the ‘Imagica’ brand, on Monday said that it has signed an MOU with Riverbay group, to develop and operate a new entertainment park in Amaravathi, Guntur.
According to a company statement, 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 (Amaravathi) and will expand Imagica’s brand presence in southern India,” it said.
Commenting on the development, 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. With this association we continue our endeavor to sweat our unique IPs and ensure that brand Imagica reaches every household.”
Incorporated in 2010, Adlabs Entertainment Ltd is engaged in the business of development and operations of theme-based entertainment destinations including theme parks, water parks and associated activities, including retail merchandising and food and beverages (F&B). The company’s segments include tickets, restaurants, merchandise, hotel and other operations.
The company owns and operates an integrated entertainment holiday destination, Imagica, which includes a theme park, a water park, a snow park, a hotel and other associated activities, such as retail and merchandise, and food and beverages.