Adlabs Entertainment, the company behind India’s Imagica theme park complex, is reportedly in talks with a number of private equity firms in the hope of raising around Rs 650 crore.
This is understood to be part of a two-pronged plan by Adlabs that includes a sale of fresh shares and the partial exit of existing investor, ICICI Ventures.
Adlabs Entertainment is talking to at least three private equity firms. These include Blackstone Group, Warburg Pincus and TPG.
The funds will be used to reduce existing debt, as well as for expansion of the Imagica brand. The theme park, snow park and waterpark, located together near the Mumbai-Pune expressway, attract over a million visitors a year.
Joint CEO, Dhimant Bakshi, told the Economic Times that the Indian theme park operator has already committed to selling its hotel and surplus land.
“With reduced debt, we are seeing good interest from a mix of investors. We are open to capital infusion for the current business and for future expansion,” he added.
Image courtesy Adlabs Entertainment