Imagicaaworld Entertainment announced execution of definitive agreements for acquisition of 4 high quality parks operated by Malpani Group owned entity (Giriraj Enterprises) namely WetNJoy & Sai Teerth Parks into its existing portfolio. This was pursuant to minority shareholders voting emphatically in favour of the transactions during the recent Extraordinary General Meeting held on 18 March 2024. The underlying parks include: (A) "WetNJoy Water Park" and (B) "WetNJoy Amusement Park," both located at Lonavala, Maharashtra, along with (C) "Saiteerth Devotional Theme Park" and (D) "WetNJoy Water Park," situated at Shirdi, Maharashtra.
Effective 01 April 2024, all revenues generated by these parks will flow directly to Imagicaaworld Entertainment, translating to a significant enhancement of overall financials. This strategic integration marks a pivotal moment for the Company as it broadens its reach and offerings in the leisure and hospitality market.
With this integration, the Company's total portfolio now includes 7 operational parks and 1 Five star hotel. The overall revenues are projected to increase by 1.5x and EBITDA by 2x, indicating the immense value creation ahead. Furthermore, resultant to this expansion, footfalls are expected to double, effectuating the company's commitment to offer exceptional entertainment experiences across various catchments.