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After Chhota Bheem, Imagica to offer House of Stars rides

Press Trust of India  |  Mumbai 

On the heels of sewing up an alliance for Chhota Bheem, Adlabs-run theme park has tied up with a firm to launch the House of Stars in its bid to boost both footfalls and merchandise revenue.

The country's first and the only theme park designed on the lines of of Hollywood, had 20 crore of its 256 crore revenue coming in from merchandise sales in FY17, taking its total ancillary sales, including and beverages, at 30 per cent of the total income.

expects this to touch 35 per cent with the House of Stars and merchandise next year.

For December 2017 quarter, had reported 62.98 crore revenue, up from Rs 60.46 crore a year ago, while its net loss soared to Rs 35.73 crore from Rs 22.77 crore during the same year-ago period. Interest cost too jumped to Rs 32.03 crore from Rs 30.96 crore. It is yet to announce the March quarter numbers.

Come May 8, is set to soft-launch the House of Stars, the of Fame, which is a Bollywood-focused theme ride in technical collaboration with Kloneworld in content association with Dharma Productions, Fox Star Studios India, Arka Mediaworks, etc, told today.

Imagica will also commercially launch rides tomorrow. It had announced the tie-up for with Green Gold in March.

The House of Stars will showcase interactive life-size figurines of leading film actors - from thespian to the newbie Varun Dhawan and many more, Bakshi added.

Kloneworld is founded by and in 2013 and is into 3D illusion art.

Imagica will also launch House of Stars merchandise apart from offering customers an opportunity to get their personal 3D printed miniature figurines, he said.

"In FY17 our merchandise income stood at Rs 20 crore, while ancillary revenue was 30 per cent of Rs 256 crore net sales. We hope with these two brand alliances, our ancillary revenue, led by & beverages, should touch 35 per cent by 2020," Bakshi said, adding footfalls, which touched 6.2 million in FY18, and 6.4 million in April, will go up further with these two offerings.

Adlabs, which is sitting on Rs 1,100 crore debt, is monetising its none-core assets to pare debt. Already it has sold the five-star hotel to the D-Mart promoter Radakishnan Dhamani for Rs 200 crore and the deal is expected to be clsoed this month. It is awaiting the go-ahead from its lenders led by Union Bank, Bakshi said.

It is also scouting a buyer for a 200-acre land parcel around the theme park, which may fetch it Rs 150 crore.

"The entire proceeds from these deals will be used to pare debt," Bakshi said, adding after that they will look at expansion. "We've identified Delhi, and to take Imagica footprint out of "

Adlabs's Rs 1,650-crore investment into Imagica since 2013 has brought about a transformation to Khopoli, the hilly terrain off the Mumbai-Pune Expressway, creating over 1,500 direct and than 15,000 indirect jobs apart from building world-class infrastructure around the park.

closed 1.14 per cent up on the at 48.90 against a 0.84 per cent rally on the benchmark.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 07 2018. 17:35 IST