A wholly owned subsidiary of Cochin Shipyard Ltd. has received a "notable" order, valued between Rs 100 crore and Rs 250 crore, for construction of two luxury river cruise vessels that will be operated on the Brahmaputra.
Hooghly Cochin Shipyard Ltd. bagged the order from Heritage River Journeys Pvt., which operates under the brand name Antara River Cruises, according to an exchange filing on Monday.
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The agreement for the construction of the first vessel and the letter of intent for the second vessel was signed by Sanil Peter, chief executive officer of Hooghly CSL; and Raj Singh, chairperson of Antara River Cruises; in the presence of Madhu Nair, managing director of Cochin Shipyard.
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With the launch of these vessels, India will establish its stronghold on the global river cruise circuit. Providing its network of rivers and waterways, the country is placed to unlock substantial revenue potential from the largely untapped river cruise tourism sector, the filing said.
Antara River Cruises is known for its voyages along the Ganga, Padma and Brahmaputra River systems. The flagship vessel, Ganga Vilas, delivers the world's longest river cruise experience, it said.
"The newly commissioned vessels are expected to set benchmarks in luxury, safety and environmental sustainability for inland navigation along with supporting the Indian government's 'Make in India' initiative," the filing said.
Shares of Cochin Shipyard closed 2.38% higher at Rs 2,231.10 apiece on the National Stock Exchange, compared to a 0.56% fall in the benchmark Nifty. The stock has risen 4.10% in the last 12 months and 44.99% on a year-to-date basis.
Out of the four analysts tracking the company, two have a 'buy' rating on the stock, one recommends 'sell' and one suggests 'hold', according to Bloomberg data. The average of 12-month analysts' price target implies a potential downside of 44.2%.
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