Adani Ports and Special Economic Zone Ltd (APSEZ) has entered into a definitive agreement for acquisition of 100% stake in Ocean Sparkle Ltd (OSL), which is India’s leading third-party marine services provider. The deal was done through the group’s subsidiary, The Adani Harbour Services Ltd (TAHSL).
Ocean Sparkle, established in 1995, has an asset base of 94 owned vessels and 13 third-party owned vessels. The company has an enterprise value of Rs1,700 crores with Rs300 crores.
Key activities carried by the company include towage, pilotage, and dredging. With an asset base of 94 owned vessels and 13 third-party owned vessels, OSL is a market leader. OSL is valued at an enterprise value of INR 1,700 Cr with INR 300 Cr of free cash in the company. One of the founding marine technocrats P. Jairaj Kumar who served as the Chairman and MD, will continue as the Chairman of the OSL board.
Over the years, OSL has built and deployed a team of 1,800 personnel across India. The Company has significant experience in global maritime servicing through its operations in Oman, Saudi Arabia, Sri Lanka, Qatar, Yemen and Africa.
Furthermore, talking about how the acquisition will drive the growth of the company, Karan Adani, CEO and Whole-time Director of APSEZ, said, “Given the synergies of OSL and Adani Harbour Services, the consolidated business is likely to double in five years with improved margins, thereby creating significant value for APSEZ’s shareholders.”
He also asserted, “This acquisition not only provides APSEZ a significant share of India’s marine services market but also provides us a platform for building presence in other countries, thereby facilitating APSEZ’s journey towards becoming the largest port operator globally by 2030 and largest integrated transport utility in India.”