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Delta Corp announces plans to sell its ownership in Caravella Entertainment

February 22, 2024 India Casino & Hotel

The publicly listed gambling and hotel company Delta Corp Limited has said that it plans to sell Caravella Entertainment Private Limited, its wholly-owned subsidiary, which owns 89.28 percent of Deltin Nepal Private Ltd.

For a total enterprise value of Rs. 80 crore ($9.6 million), the business has struck an agreement to sell its whole equity to Ashtek Consultancy Private Limited and Ability Games Limited, two gaming companies situated in Kolkata.

A majority stake in Deltin Nepal Private Limited will be acquired by Ability Games Limited, the company that runs the sports-content platform Crictracker, the publicly listed online game development company Yudiz Solutions, and the online gaming website 11wickets.

According to Delta Corp’s disclosure to the stock markets, the consideration for the value is made up of Rs. 62 crores ($7.4 million) in equity and Rs. 18 crores ($2.1 million) in debt owed by Caravella.

Deltin Nepal Private Limited will continue to have the right to use “Deltin Casino International” and related trademarks for a two-year transition period after the conclusion of the transaction, which is expected to be completed by March 8.

By selling its stake in Caravella Entertainment, Delta Corp Limited hopes to simplify its holdings and focus on important objectives that are consistent with the company’s overarching growth and sustainability plan.

This action is taken in the midst of significant tax and regulatory barriers for the casino industry in India, including the imposition of a 28% GST on first deposits starting on October 1, 2023.

Original story by: Asia Gaming Brief

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