IMAP India advises Amaziaa on its debt resolution and strategic sale to Imagicaa
IMAP India advised Surat-based Rajgreen Amusement Park Pvt Limited (RAPPL) in its sale of water park business to Imagicaaworld Entertainment Limited (Imagicaa).
RAPPL has been developing a unique city-centre project under PPP under the brand name “Amaazia” in Surat. The project under development over a 16 acre land parcel in heart of Surat city has several parts which are integrated to provide a wholesome entertainment destination for the citizens of Surat and nearby areas. IMAP India were advisors for completing a comprehensive debt resolution and business restructuring for RAPPL. The banking loans in company have been fully repaid and a strategic partnership with Imagicaaworld Entertainment Ltd has been entered into for the water-park business of the project.
IMAP India is assisting the founders with a holistic solution and thereby enable all other parts of the project to go live within next 18 months.
As per Imagicaa disclosures to the exchanges, Imagicaa would enter into a Business Transfer Agreement (“BTA”) with RAPPL to acquire their water park business. Pursuant to receiving the local authorities approvals, Imagicaa shall also execute a sub-lease deed with RAPPL for sub-leasing the water park land in their favour. In order to manage the business in the interim to the closure of the BTA, Imagicaa is also proposing to enter into an arrangement for Operation and Maintenance (“O&M”) of the said facility. Further, a shared infrastructure agreement to utilise shared facilities between RAPPL and Imagicaa is also proposed.
This is what Mr. Prasanna Gargava, CEO of Amaazia had to say about IMAP India team,
“There are two things that I have observed in IMAP work approach one is having an eye for detail and second is do it first time right and I think that is the Mantra of their success. IMAP brings immense knowledge and expertise coupled with a very systematic and meticulous approach to problem analysis and problem solving”
