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HomeEarn Money OnlineAdani Ports to acquire ocean service company Ocean Sparkle, read deal details

Adani Ports to acquire ocean service company Ocean Sparkle, read deal details

New Delhi . Adani Harbor Services, a subsidiary of Adani Ports and Special Economic Zones (APSEZ) Limited, has entered into an agreement to acquire Ocean Sparkle Limited (OSL), a maritime service company. Karan Adani, CEO and Whole Time Director of APSEZ said that this deal will take the company a long way.

He said considering the synergy between OSL and Adani Harbor Services Limited (TAHSL), the business of both is expected to double in five years. Its direct benefit will be given to the shareholders of Adani Ports. This acquisition will increase the company’s share in the maritime services market in India and will also provide a platform to establish presence in other countries.

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Adani Port to buy 100% stake
“OSL is the market leader with 94 ships owned and 13 third party owned vessels,” it said in a statement. The enterprise value of OSL is Rs 1,700 crore, according to the statement. Adani Group will pay Rs 1,135.30 crore for direct acquisition of 75.69 per cent stake in OSL. It will also pay Rs 394.87 crore for indirect acquisition of 24.31 percent stake.

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Ocean Sparkle was made in 1995
Ocean Sparkle is a pioneer in the comprehensive port operations and management sector in India. The major activities carried out by Ocean Sparkle include towage, pilotage and dredging. It has presence in all major ports of India, 15 minor ports and all three LNG terminals, the statement said. Ocean Sparkle was founded in 1995 by a group of marine technocrats with P Jayaraj Kumar as its Chairman and Managing Director.

Ocean Sparkle has an enterprise value of Rs 1,700 crore with free cash of Rs 300 crore. Ocean Sparkle has global maritime service experience through its operations in Oman, Saudi Arabia, Sri Lanka, Qatar, Yemen and Africa. Rating agency ICRA has given AA-credit rating to Ocean Sparkle.

Tags: Adani Group, Business news in hindi, Deals of the Day, Gautam Adani

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