India is already the largest generator of tourists to Sri Lanka. Arrivals have boomed since the island introduced visa on arrival facilities to Indians several years ago. India's Hindubusinessline said AMET Cruises had bought the 35-year old ship off a Greek firm.
AMET Majesty will operate regular service covering India and Sri Lanka.
It will also offer other locatiosn such as locations in Asia such as Anadaman, Phuket, Mumbai, Goa, Lashdweep, Kochi, and Maldives.
AMET is targeting 80,000 odd Indians who go on cruises each year mostly from Singapore.
The report quoted P Bharathi, chief executive of AMET Cruises as saying that the firm was in talks with the ports of Chennai, Kochi, Mormugao and Mumbai for berthing the ship.
Three cruise terminals are being planned at Mormugao, Mumbai and Kochi.