Mumbai, April 2 -- In January this year, the company had informed about the ongiong discussions with Keshav Holiday Resort (KHRPL), a part of Shanku Group, for the formation of a potential joint venture entity in the state of Gujarat.

Offering further updates on the same, Imagicaaworld Entertainment (IEL) stated that it has entered into an agreement for managing the Water Park business of KHRPL. The Shankus Water Park is situated at Ahmedabad, Gujarat.

IEL would be entitled to receive management fee linked to pre-agreed milestones.

The company shall operate and manage KHRPL's Shankus Water Park with the option to use intellectual property (IP) of IEL.

Offering the rationale for this agreement, IEL stated that this agreement would add ...