Citing strong demand for its existing ship, Cordelia Empress, travel and tourism company and ship operator Waterways Leisure Tourism Private Limited (WLTPL) has announced plans to expand its fleet with the addition of two new cruise ships.

This decision was made during a meeting in Mumbai, the board of India’s pioneer cruising company met.

According to press statement, it had approved the fleet expansion, citing strong demand for its existing ship, Cordelia Empress, which is operating near full capacity. With the addition of two vessels, Cordelia’s total capacity will increase beyond the current 2,000-persons limit, adding between 1,800 to 2,200 staterooms and suites to its existing 800 accommodations.

Jurgen Bailom

“We are in discussions with major cruise companies from the US & Europe, who are looking to divest ownership of their smaller ships with passenger capacities ranging between 2,000 to 2,500 persons per ship, as they transition to newer vessels with capacities of 5,000-7,000 persons,” says Jurgen Bailom, president & CEO of WLTPL.

The statement also adds states that discussions are underway with major cruise operators from the United States and Europe looking to divest their smaller ships, each with passenger capacities between 2,000 to 2,500 persons, as they transition to larger vessels.

Cordelia Cruises further states that, subject to regulatory approvals, it will raise capital through various financing methods, including an Initial Public Offering in the Indian capital market, issuing equity to institutional and eligible investors. The board has authorised management to secure necessary approvals from regulatory authorities.

As a result, to support its growth and attract institutional investors, the company also plans to raise INR 8 billion through the IPO.

The company adds that it has received multiple offers from existing cruise lines upgrading their fleets and is evaluating opportunities to secure the best deals for its expansion.

“We have multiple offers from existing cruise lines as they upgrade their fleets with larger ships. Given the current market dynamics, it is an opportune time for us to expand our fleet,” adds Bailom.

Further expansion of the board is also under consideration, with plans to invite experts from the tourism and entertainment industries.

Additionally, the company has also strengthened its leadership with the appointment of Vice Admiral Anil Chopra to its board, which already includes Jurgen Bailom, Aditya Gupta, and Coralie Ansari.

The company says it is poised to drive India’s cruise industry into a new era of unprecedented growth and global recognition.