Lavasa Corporation, a subsidiary of Indian real estate development consortium HCC, has inked a memorandum of understanding with MGM Studios to set up a theme park in the city of Lonvala, which is located 45km from Pune and 100km from Mumbai.

According to reports, the 25-year franchise agreement between the companies will give Lavasa exclusive rights to MGM brands in India. Under the deal, the HCC subsidiary can set up theme parks based on over 450 properties owned by MGM, including James Bond and Pink Panther.

The first park will be spread over 65-70 acres and carries an investment tag of over US$1100m. The company is planning to set up a special purpose vehicle and, if needed, will also rope in a financial partner to execute the project.

Lavasa has also tied up with US space research organisation NASA and is setting up a space amusement centre at the same location.