Indian shipbuilder Waterways Shipyard looks set for some new orders after the country's largest gaming company agreed to invest.
Delta Corp, the owner of three gambling and hotel vessels, said its Delta Pleasure Cruise subsidiary will buy up to 45% of the company for a sum not exceeding INR 155m ($2.1m).
The west coast yard has previously constructed more than 60 vessels, including the 888-passenger gambling ship Casino Royale (built 2008), general cargoships and an ore carrier.
Casino Royale is used for casino operations on Goa’s Mandovi River.
Newbuilds needed
"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," Delta Corp said in a filing.
Waterways was founded in 1982 by Captain HK Trehon, who remains chairman and managing director. The company operates a yard in Udupi.
Turnover was INR 118m in the 2018/19 financial year.
The last deliveries listed by UK shipbroker Clarksons are two research vessels handed over in 2017 to the Indian government.
Delta Corp is India's largest gaming company. Its ships are currently idle due to coronavirus restrictions.
The deal is expected to be completed by the end of the year.
