Indian gaming and hospitality firm, Delta Corp Limited has reportedly announced the signing of a deal that is to see its Delta Pleasure Cruise Company subsidiary pay around $2.33 million for a 45% stake in Waterways Shipyard Private Limited.

According to a short Friday report from the Business Standard newspaper, the Bombay-listed operator is responsible for a trio of riverboat casinos in the small Indian state of Goa encompassing the Deltin Jaqk, Deltin Royale and Deltin Caravela vessels as well as the land-based Deltin Denzong Casino venue in Sikkim. The giant Asian nation’s only publicly-traded gambling provider purportedly also holds a substantial stake in local online daily fantasy sports firm Halaplay Technologies Private Limited and declared that its most recent acquisition should be finalized by the end of the year subject to the ‘completion of customary conditions precedent and other terms of the transaction documents.’

Sizeable establishment:

The newspaper reported that Waterways Shipyard Private Limited operates a shipbuilding and maintenance yard in the western Indian city of Udupi and has so far been responsible for constructing and launching over 60 vessels including the 4,280-ton Deltin Royale. The firm established in 1982 moreover purportedly owns a drydock in Goa where it can repair craft capable of carrying up to 3,000 tons of cargo.

Investor confidence:

Waterways Shipyard Private Limited reportedly recorded gross turnover for its most recent financial year of approximately $1.29 million, which represented a decline of roughly 9.2% year-on-year, while the news is said to have sent the value of individual shares in Delta Corp Limited up by 1.56% to slightly above $1.49.

Reportedly read a statement from Delta Corp Limited…

“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 our vessel building and maintenance requirements.”