Cordelia Cruises’ Expansion and Future Vision

Dated 13th February 2025

Today the board of India’s pioneer cruising company, M/s Waterways Leisure Tourism Ltd. (Cordelia Cruises), met in Mumbai and made the following decisions:

1. In view of the company’s only ship, Cordelia Empress, operating close to its full capacity, it decided to add two more cruise ships to its fleet.

2. The addition of two ships will increase capacity by approximately 4,000 guests, expanding beyond the current 2,000-guest capacity. There will be an addition of 1,800-2,200 staterooms and suites, complementing the existing 800 staterooms.

3. The board further decided, subject to regulatory approvals, to raise funding/capital through appropriate means of financing including an Initial Public Offering (IPO) to raise approximately Rs. 800 Crores in the Indian capital market by issuing equity to institutional and other eligible investors.

4. The board authorized its management to take necessary steps to obtain required approvals from respective authorities and regulators.

5. The board welcomed Vice Admiral Anil Chopra to its existing board, consisting of Jurgen Bailom, Aditya Gupta, and Coralie Ansari. It is likely to expand further by inviting members with expertise in tourism and the entertainment industry.

Cordelia Cruises’ Expansion and Future Vision

The company’s President & CEO, Jurgen Bailom, stated, “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 guests per ship, as they transition to newer vessels with capacities of 5,000-7,000 guests.”

When asked if Cordelia has already closed a deal for the ship purchase, Mr. Bailom responded, “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.”

With the upcoming IPO and fleet expansion, Waterways Leisure Tourism Ltd. (Cordelia Cruises) is well-positioned to lead India’s cruise industry into a new era of unparalleled growth and global recognition.

Under the visionary leadership of the Honorable Prime Minister Modi, the Government of India has designated cruise tourism as a priority sector. India’s cruise industry is poised to substantially boost both domestic and international tourism while generating significant employment opportunities for the nation’s youth.

About Waterways Leisure Tourism Ltd. (Cordelia Cruises):

Waterways Leisure Tourism Ltd. has been promoted by Non-Resident Indian (NRI) Rajesh Hotwani, who has been residing in Mauritius for 20 years, along with Mr. Hitesh Vakil of Mumbai. They have invited an expert management team led by Mr. Jurgen Bailom to drive the company’s growth and vision.

The company pioneered cruise tourism in India in 2021 with its flagship vessel, Empress, acquired from Royal Caribbean International. Over the past three years, Cordelia Cruises has welcomed 530,000 happy guests, revolutionizing cruise vacations for Indian travellers.

With India’s vast coastline spanning 7,516 kilometres, Cordelia Cruises brings international cruising experiences to both domestic and international travellers through excellence in service and niche itineraries. By combining India’s best entertainment shows, exquisite cuisines, and unmatched hospitality, the company is set to elevate India’s position on the global cruising map. Though the cruise industry aligns closely with hospitality and tourism, it is fundamentally part of the broader entertainment sector, much like Disney Cruises.