Imagicaaworld Entertainment has entered into a Business Transfer
Agreement (BTA) with Rajgreen Amusement Park (RAPPL) on 21 February 2023 to acquire their water park business in Surat, 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 underlying water park land in favour of the Company, the draft of which is pending approvals from Government Authorities. In order to manage the business in the interim to the closure of the BTA, the Company has also entered into an arrangement for O&M of the said facility.
Separately, a shared infrastructure agreement for utilization of shared/common facilities between RAPPL and the Company was also executed.
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