Delta Corp. shares up on resort buy

MUMBAI: Gaming and hospitality firm Delta Corp said on Friday it has bought a 51 percent stake in Daman Hospitality ( Thunderbird Resorts) for Rs 500 million.

The resort, situated in Daman, is a five-star deluxe hotel with a shopping arcade, it said in a statement to the Bombay Stock Exchange.

Construction of the hotel is substantially completed and Delta Corp will infuse another 400 million rupees to complete the project, it added. The project is expected to be ready in 6-8 months.

Delta Corp, through its subsidiary, will also set up and operate a casino in the property, it added.

Shares of Delta Corp. rose nearly 3 per cent on the report.

At 9.37 a.m., shares of the company were up 2.89 percent at Rs 90.70.