The board of Waterways Leisure Tourism Ltd (Cordelia Cruises India) convened in Mumbai to outline strategic expansion plans, including the addition of 2 new vessels and preparations for an Initial Public Offering (IPO).
With its first/only vessel Cordelia Empress operating near full capacity, the Board approved the acquisition of two additional ships. This expansion is expected to increase passenger capacity by ~4000 guests, significantly surpassing the current 2000-guest limit.
The fleet will see the addition of 1800–2200 new staterooms, complementing the existing 800.
To finance this growth, the board resolved to raise ~INR 800 crores (~US$92.3 million) through an IPO (initial public offering) in the Indian capital market, subject to regulatory approvals. Management has been authorized to initiate the necessary processes to secure approvals from relevant authorities.
Additionally, Vice Admiral Anil Chopra joined the existing board, which includes Jurgen Bailom, Aditya Gupta, and Coralie Ansari. Plans are in place to expand further by appointing experts in tourism and the entertainment sector.
Jurgen Bailom, President & CEO of Cordelia Cruises, noted that discussions are ongoing with major cruise operators in the USA and Europe regarding the acquisition of vessels with passenger capacities of 2000-2500. These companies are currently upgrading to larger ships accommodating 5,000–7,000 guests. Bailom confirmed that multiple offers have been received from cruise lines divesting their smaller vessels, and the timing is considered favorable for fleet expansion.
With its upcoming IPO and fleet growth, Cordelia is poised to strengthen its position in India’s cruise industry. The Government of India, under the leadership of Prime Minister Narendra Modi, has designated cruise tourism as a priority sector, with expectations of substantial contributions to domestic and international tourism, as well as job creation.