Paramount Licensing Inks Feasibility MoU For India Theme Park
Paramount Pictures' licensing entity signs memorandum of understanding with Horizon Infrastructure for feasibility study for potential theme park in India.
NEW DELHI -- Paramount Licensing Inc., the licensing entity for properties of Paramount Pictures Corporation, and leading Indian infrastructure company Horizon Infrastructure Ltd. have signed a memorandum of understanding for a feasibility study to explore the potential for developing a first of its kind Paramount-branded theme park in India.
Under the terms of the agreement, Mumbai-based Horizon Infrastructure Ltd. said in a statement that it has been granted certain exclusive rights to explore and evaluate the feasibility for the project while Paramount will develop preliminary creative concepts.
The MoU for the feasibility study was signed by Paramount Licensing Inc executive VP Michael Bartok and Horizon Infrastructure Ltd MD M. P. Vora.
Morris Street Advisors consulted with the parties to identify the theme park development opportunity and negotiate the agreements. In addition to offering various financial advisory services, MSA are also exclusive Indian agents for US-based children's content and merchandising entity Cookie Jar which has produced TV series such as The Doodlebops, Will & Dewitt, Johnny Test and Horseland, among others.
In conjunction with a preliminary concept prepared by Paramount, Horizon will complete the economic feasibility to assess the financial viability of the project. Paramount will utilize its vast experience in brand licensing and its film library to provide theming for the overall project as well as individual attractions.
In subsequent phases of the project, Paramount will also help design the theme park based on its experience in that arena. Horizon Infrastructure will coordinate and oversee physical construction of the theme park infrastructure and its subsequent operations and management, as well overseeing the capital structure for the project.
“This strategic announcement demonstrates the depth of our world-class commitment to India in a holistic way – bringing the best in entertainment infrastructure and facilities to the communities we are serving. International alliances are a core element of our strategy to lead the industry by example, delivering value to our shareholders, customers and partners alike,” said Horizon Infrastructure Ltd. chairman S. Sunder.
Last year, the Wall Street Journal reported that Reliance Anil Dhirubhai Ambani Group (DreamWorks' equal partner) was in talks with Universal Studios to build a $1.5 billion theme park and resort in India. WSJ quoted a source stating that the theme park would be spread across 400 acres with the location still to be finalised between Mumbai and Delhi. In addition to featuring properties based on Hollywood titles such as Jaws and E.T., the park would also include Bollywood inspired offerings.