Delta Corp has bought 51% stake in under construction five-star deluxe hotel, Daman Hospitality, for Rs 50 crore, the company said in a press release Friday.
The company said it will further infuse Rs 40 crore to complete the project, which it terms as strategic for its pan-India presence in the gaming and hospitality industry. The five-start deluxe hotel is expected to be completed in six to eight month's time.
The hotel consisting of 176 rooms will also have outdoor pools, three bars and four restaurants including spa and health clubs and a high-end shopping arcade, the release said.
Delta's recently bought ship, MV Horeshoe Casino, from US-based Harrah's Corp is expected to arrive in India by end of June.
Originally a textile firm, Delta Corp restructed in 2009 and transformed itself into a hospitality, gaming, real estate and aviation player. The textile business was de-merged into Arrow Textiles Ltd.
The company owns two offshore Casinos in Goa – Casino Royale and King’s Casino. It also owns a minority stake in Advani Hotels & Resorts that owns 'Ramada Caravela Beach Resort' and also operates offshore Casino Goa onboard 'MV Caravela'.
At 10:50 hrs, shares of Delta Corp were trading at Rs 91.70, up 4.03% on the Bombay Stock Exchange.
Source: Money Control