Imagicaaworld to set up entertainment destination by Sabarmati Riverfront in Ahmedabad

Imagicaaworld Entertainment said that it has been declared as the successful bidder for establishing a landmark concept at the Sabarmati Riverfront in Ahmedabad.

The project entails overall investment of Rs 130 crore, including any sub-lessee & alliance partner capex. The offerings include multiple indoor and outdoor attractions, apart from F&B offerings. The location is expected to commence operations in two years from ground breaking and all requisite approvals.

The park will be set up across 11 acres of land which will be on lease from Sabarmati Riverfront Development Corporation (SRFDCL) for 30 years, extendable for further period on mutually agreed terms.

The company endeavors to provide unparalleled experience to guests by collaborating with international partners as stipulated in the bid. The objective is to combine expertise with a view to bring world class entertainment in Ahmedabad and nearby cities, ensuring a holistic and enjoyable experience for visitors of all ages.

Jai Malpani, managing director, Imagicaaworld Entertainment, said: "As we embark on this exciting endeavor to bring a world-class entertainment destination after several months of efforts to the heart of Ahmedabad, I am thrilled to announce Imagicaas commitment to creating unforgettable experiences for all visitors to this iconic location.

Imagicaas high popularity as a brand in Gujarat and diverse array of indoor and outdoor attractions, we are confident that the project will become a Landmark destination and contribute to the vibrant spirit of Ahmedabad.

Imagicaaworld Entertainment owns and operates Imagicaa - one of Indias leading holiday destinations and offers a gamut of interesting experiences through its theme park, water parks, snow park and hotel vide brands Imagicaa, Aquamagicaa, Snomagica and Novotel Imagicaa.

The company's consolidated net profit declined 38.20% to Rs 4.32 crore on a 6.18% fall in revenue to Rs 67.56 crore in Q3 FY24 as compared with Q3 FY23.

The scrip fell 1.62% to currently trade at Rs 79.60 on the BSE.

Powered by Capital Market - Live News