MPG is diversified business group with interests in FMCG, renewable power, real estate, hospitality, entertainment and education businesses. MPG owns and operates 4 parks in Maharashtra – water parks Wet and Joy in Shirdi and Lonavala, amusement park Magic Mountain in Lonavala and first of its kind devotional theme park Saiteerth Theme Park in Shirdi.

The lenders to Imagicaaworld Entertainment have completed a debt resolution for Rs 575 crore, which includes assignment of their debt to Aditya Birla ARC for Rs 500 crore and lenders were also issued equity shares by way of conversion of debt aggregating to Rs 75 crore by the company.

The acquisition was consummated through a debt resolution process outside of NCLT, in accordance with the RBI's Prudential Framework for Resolution of Stressed Assets.

As part of the debt resolution plan, the lenders have been allotted equity shares worth Rs 75 crore resulting in a collective shareholding of 11.97% in the company. The funds infused in the company by MPG have been used for repayment of debt to Aditya Birla ARC.

Three members of MPG, Rajesh Omkarnath Malpani, Manish Madhav Malpani and Jai Manish Malpani, have been inducted on the board of the company.

Dhimant Bakshi, CEO, Imagicaaworld Entertainment, "We would like to thank the lenders, Malpani Group, Aditya Birla ARC and Mr. Manmohan Shetty, for successfully completing the Debt Resolution plan of the company. We would also like to give special thanks to the Financial, Legal advisors that have given their astute wisdom to closing this transaction smoothly and our Team for standing by in this journey."

Imagicaaworld Entertainment owns and operates Imagicaa is one of India's leading holiday destinations and offers a gamut of interesting experiences in one place through its theme park, water park, and hotel off the Mumbai-Pune Express Highway.

On a consolidated basis, Imagicaaworld Entertainment reported net loss of Rs 30.68 crore in Q4 March 2022 as against net loss of Rs 55.78 crore in Q4 March 2021. Net sales rose 128.24% to Rs 33.14 crore in Q4 March 2022 over Q4 March 2021.