Subhash Chandra-led Essel Group is planning a big push into the cruiseship sector after being revealed as the buyer of a P&O vessel last month.
It is already looking for more ships for its start-up Zen Cruises and could invest as much as $2bn if the conditions are right.
New Zen Cruises CEO Jurgen Bailom told Indian media the company bought the 70,000-gt, 1,912-passenger Pacific Jewel (built 1990) in August for a total investment of $123m, including upgrading work.
It was linked to an Asian buyer in a TradeWinds report last week.
The ship should launch under a new name by May next year.
The investment is being made by media tycoon Chandra in his personal capacity and a listing is being planned.
"If the economy permits and if we are very successful, our investment can be anywhere from $250-$300m to $1.5-$2bn," Bailom said.
The company is targeting Indian passengers on coastal cruises.
Zen will focus mainly on the west coast with Mumbai as the key hub.
Pacific Jewel will be foreign-flagged, but feature an all-Indian crew, Bailom added.
"Our organisation got a lot of happy faces in entertainment at most homes in the country and now we are going for the next phase," he said.
