Corporate News 18-Feb-23
Imagicaaworld Entertainment signs deal to acquire water park in Gujarat
Imagicaaworld Entertainment is proposing to enter into a Business Transfer Agreement (BTA) with Rajgreen Amusement Park (RAPPL) to acquire their water park business in the state of Gujarat on a slump sale basis, which would be subject to certain customary government / municipal approvals. Pursuant to receiving the said approvals, the Company shall also execute a sub-lease deed with RAPPL for sub-leasing the water park land in favour of the Company, the draft of which is pending concurrence from Government Authorities. In order to manage the business in the interim to the closure of the BTA, the Company is also proposing to enter into an arrangement for Operation and Maintenance (O&M) of the said facility. Further, a shared infrastructure agreement to utilise shared facilities between RAPPL and the Company is also proposed.
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