INDIA CRUISE LINE: Delta Corp Ltd Invests US$10 Million in Jalesh Cruises
Delta Corp Ltd announced that it, via its subsidiary company, Gaussian Software Private Ltd, had entered into an agreement to make a US$10 million investment in Jalesh Cruises Mauritius Ltd, an Essel Group firm promoted by Amit Goenka, son of Rajya Sabha Member of Parliament and Zee Group promoter Subhash Chandra.
The US$10 million investment is due to entitle Gaussian Software to subscribe to 10M equity shares of Jalesh. It will enable the company to hold a 25% stake in the Mauritius company. Delta further informed that the transaction is due to be completed in one or more tranches, on/before June 30, 2019.
According to the regulatory filing, Jalesh proposes to buy cruise ships and operate services to a variety of destinations in the Middle East and India. As part of the arrangement, Delta has the right to become a preferred partner to manage and operate gaming centers and casinos in the cruise liners which will be operated by Jalesh Cruises.
In January, it was announced that Essel Group-backed Zen Cruises Private Ltd intended to start leisure cruise line services from April with a variety of entertainment facilities under a brand name Jalesh Cruises. All vessels will have gaming facilities (including a casino).
The first vessel of the new brand, the 2000-passenger Karnika (former Pacific Jewel), will sail out of Mumbai to Goa in April 2019, with many other ships and locations set to be added subsequently.
In 2018, the Indian Cruise Lines Association, an industry body backed by Zee Group founder Chandra, had in a couple of separate requests given to Union Minister Nitin Gadkari and Prime Minister’s Office, urged the central government to allow gaming and casino operations onboard cruise ships within Indian territorial waters and permit Foreign Direct Investment in casinos operated onboard a cruise ship.
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