Delta Corp Limited, a leading Indian hospitality and gaming company, has announced a major investment in the burgeoning cruise industry. The company revealed that its subsidiary, Gaussian Software Private Limited, has entered into an agreement to invest US$10 million in Jalesh Cruises Mauritius Limited, an Essel Group company promoted by Amit Goenka, the son of Rajya Sabha Member of Parliament (MP) and Zee Group promoter Subhash Chandra.
This investment will give Gaussian Software a 25% stake in Jalesh Cruises Mauritius Limited, as they will be subscribing to 10 million equity shares of the company. The transaction is expected to be completed in one or more tranches by June 30, 2019.
Jalesh Cruises aims to acquire cruise ships and operate cruise services to various destinations in India and the Middle East. As part of the arrangement, Delta Corp will have the opportunity to manage and operate casinos and gaming centers on the cruise liners operated by Jalesh Cruises.
The first vessel of the cruise liner, the Karnika, with a capacity of 2,000 passengers, is set to sail from Mumbai to Goa in April 2019, with plans to expand to other locations and add more cruise ships in the future.
This move comes after the Indian Cruise Lines Association (INCLA) had advocated for the allowance of gaming and casino operations on board cruise ships within Indian territorial waters and proposed to permit Foreign Direct Investment (FDI) in casinos operated on-board a cruise ship.
Delta Corp’s investment in Jalesh Cruises Mauritius Limited is a clear indication of the company’s strategic move to diversify its portfolio and tap into the growing opportunities in the cruise industry. With the potential to operate casinos and gaming centers on Jalesh’s cruise liners, Delta Corp is positioning itself as a key player in the evolving landscape of leisure and entertainment services in the region.