India’s leading casino operator, Delta Corp Ltd, has entered into an agreement with Jalesh Cruises Mauritius Ltd (JCML) that will see it acquire a 25% stake in the company ahead of the planned launch of casino cruise ship services.
According to a filing, Delta Corp will subscribe to 10 million equity shares for a total consideration of US$10 million with the company subsequently “expected to hold over a 25% stake in JCML.” The transaction is expected to be complete by 30 June 2019.
JCML is promoted by Amit Goenka, the son of Indian Upper House MP Subhash Chandra. Chandra, who also backs the Indian Cruise Lines Association, last year called for the government to allow gaming on board cruise ships within Indian waters.
According to Delta Corp, JCML is set to acquire cruise ships and operate cruise ship services out of India and the Middle East, with the cruise ships to feature a range of entertainment including casinos and gaming centers.
Delta Corp’s investment includes the right to be the preferred partner to “manage and operate the casinos and similar gaming centers on such cruise ships through its group of companies.”
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