You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Delta Corp gains as unit to acquire 45% in Waterways Shipyard

Capital Market 

Delta Corp rose 1.56% to Rs 110.90 after the company said that its subsidiary, Delta Pleasure Cruise Company, will acquire up to 45% stake in Waterways Shipyard for consideration not exceeding Rs 15.50 crore.

Waterways Shipyard (WSPL) is currently engaged in the business of owning and operating a shipyard in Udupi, Karnataka. The firm is an established shipyard operator on India's western coast, which has previously constructed over 60 vessels, including the vessel 'Casino Royale' used for casino operations by one of the Delta Corp's subsidiaries.

"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, the company said in a BSE filing made after market hours on Thursday.

The company added that the subscription is expected to be completed by 31 December 2020, subject to completion of customary conditions precedent and other terms of the transaction documents.

Delta Corp is the only listed company engaged in the casino (live, electronic and online) gaming industry in India.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)


Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

First Published: Fri, October 23 2020. 09:18 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU