Delta buys 45% stake in shipyard firm

The US$2.1m operation is expected to close by December 31. 

India.- Indian gaming operator Delta Corp has informed its shareholders that its cruising division, the wholly-owned Delta Pleasure Cruise Company, has subscribed 45 per cent of the equity shares of Waterways Shipyard Private Limited (WSPL).  

The operation is valued at up to 15.5 crore (US$2.1 million) and is expected to complete by December 31.   

The company stated: “WSPL is an established shipyard operator on India’s western coast, which has previously constructed over 60 vessels, including the vessel ‘Casino Royale’ used for casino operations by one of the company’s subsidiaries.  

“Given the significance of marine vessels to the Company’s casino business, this investment is expected to bring strategic benefits and a long-term partner to support Delta Group’s vessel building and maintenance requirements.” 

WSPL operates a shipyard in Udupi, Karnataka, and had a gross turnover close to US$1.6 million in the 2018-19 financial year.  

Delta Corp, meanwhile, has recently informed India’s National Stock Exchange that it expects to return to pre-covid activity levels by March 2021.