ICICI Ventures is investing R150 Cr in entertainment theme park, Adlabs Imagica which would help the park to fund its expansion plans, BS States. With this investment, Adlabs will continue on the journey to build a suite of first-of-its-kind entertainment projects for consumers.
Yes Bank was the financial advisor to the deal and Centrum Capital acted as a strategic advisor to the company.
The 300-acre theme park, situated on the Mumbai-Pune Expressway, was set up with an initial investment of about R1,200 Cr.
Promoted by Manmohan Shetty, Adlabs Imagica is the flagship venture of Adlabs Entertainment Limited. It is a first of its kind entertainment theme park in India.
It has attractions such as the land of dinosaurs in Rajasaurus River Adventure, the Haunted Fortress of Salimgarh and a motion-simulator chase after Mogambo in Mr India – The Ride. One can drop from dizzying heights in Dare to Drop and test nerves on roller-coasters. The park has four restaurants offering global cuisine.
The company is adding a water park and a hotel soon, which will take the total investment in the project to R1,650 Cr. It is also looking at setting up a second theme park, spread over about 60 acres in Hyderabad.
This is ICICI Ventures' first investment in the theme park entertainment space. It manages assets worth more than $2 Bn across areas like private equity, real estate, mezzanine and infrastructure.
The park can accommodate about 20,000 visitors daily and aims to host over 3 million visitors in the first year of operations. It has 21 rides and attractions.
Recently, South-based amusement park operator Wonderla, which operates parks and resorts in Bangalore and Kochi, has already filed its IPO papers to raise R180 Cr.
The global amusement and theme park market is expected to generate revenue of almost $32 billion by 2017, according to research from Global Industry Analysts.
UTI Ventures Funds Management Company Private Limited, the private equity investment subsidiary of UTI Asset Management Co Pvt Ltd, has sold its stake in Ascent Capital Pvt Ltd to the management of the firm, which is headed by Raja Kumar.