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Last Updated : Sep 25, 2018 11:51 AM IST | Source: Moneycontrol.com

Adlabs Entertainment shares jump 14% on MOU for new entertainment park in Andhra Pradesh

Adlabs has signed an MOU with Riverbay group, to develop and operate a new entertainment park in Amaravathi, the strategically located in Andhra Pradesh government's new planned capital.

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Adlabs Entertainment share price rallied 14.5 percent intraday Tuesday after the company signed agreement for new entertainment park in Andhra Pradesh.

The stock was quoting at Rs 30.30, up Rs 2.40, or 8.60 percent on the BSE at 11:30 hours IST.

Adlabs has signed an MOU with Riverbay group, to develop and operate a new entertainment park in Amaravathi, the strategically located in Andhra Pradesh government's new planned capital.

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The company said it will provide expertise and IP to develop the new park, while the capital will be contributed by Riverbay. "Adlabs would also operate and maintain the park for which it will receive a revenue share."

The new park would be the first park in the planned capital of Andhra Pradesh and will expand Imagica's brand presence in southern India, the company believes.

Dhimant Bakshi, Joint CEO, Adlabs Entertainment said, "This new format ensures a higher revenue generation for Adlabs without the need for incurring any capex, further helping the company in its plans to grow and expand its brand presence across the country."

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First Published on Sep 25, 2018 11:51 am
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