Business Standard

Cloud looms over Adlabs Entertainment's Rs 10-bn loan for theme park

It had become impossible for Adlabs to sell the land and the hotel thereon to a third party unless the third party was given a clear marketable title

Adlabs Imagica
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Adlabs Imagica

Sachin P Mampatta Mumbai
Adlabs Entertainment, which owns the Adlabs Imagica theme park near Mumbai, is facing difficulties over the planned sale of its hotel to help repay loans taken to develop the park. 

The annual report mentions the pending sale to Bright Star Investments, a vehicle of retail major D-Mart’s billionaire owner Radhakishan Damani. The planned acquisition has been affected by a land dispute, show documents reviewed by Business Standard, raising questions on its ability to repay over Rs10 billion of loans.

An arbitrator, who was looking into the land dispute, ruled against easing conditions to enable a sale last month. The lawyer

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First Published: Sep 28 2018 | 5:30 AM IST

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