Adani Ports arm to acquire Hyderabad-based Ocean Sparkle
Hyderabad: Adani Ports and Special Economic Zone (APSEZ) through its subsidiary, The Adani Harbour Services Limited (TAHSL), has entered into a definitive agreement for acquisition of 100 per cent stake in Hyderabad-based Ocean Sparkle Limited (OSL). OSL is a third-party marine services provider. Key activities carried by it include towage, pilotage, and dredging. OSL has […]
Hyderabad: Adani Ports and Special Economic Zone (APSEZ) through its subsidiary, The Adani Harbour Services Limited (TAHSL), has entered into a definitive agreement for acquisition of 100 per cent stake in Hyderabad-based Ocean Sparkle Limited (OSL). OSL is a third-party marine services provider. Key activities carried by it include towage, pilotage, and dredging. OSL has 94 owned vessels and 13 third-party owned vessels and is valued at an enterprise value of Rs 1,700 crore with Rs 300 crore free cash in the company. The company was established in 1995. Its Chairman and Managing Director P Jairaj Kumar will continue as the Chairman of OSL board.
“This acquisition provides APSEZ a significant share of India’s marine services market and provides a platform for building its presence in other countries,” said Karan Adani, Chief Executive Officer and Whole-time Director, APSEZ. OSL has contracts from 5 to 20 years with its existing clients. The contracts are on take or pay (TOPA) basis. It has presence in all major ports, 15 minor ports and three LNG terminals in India. Over the years, OSL deployed a team of 1,800 personnel across India, a release said.
