Adani Ports' Subsidiary To Acquire 100 Per Cent Stake In Marine Services Firm Ocean Sparkle
The enterprise value of OSL is Rs 1,700 crore with Rs 300 crore of free cash with the company
New Delhi: Adani Harbour Services, the subsidiary of Adani Ports and Special Economic Zones (APSEZ), on Friday said that it has entered into a definitive deal for buying 100 per cent stake in Ocean Sparkle Ltd (OSL), a leading third-party marine services provider, according to a report by the PTI.
Karan Adani, who is Adani Ports and Special Economic Zones CEO and whole-time director, while commenting on the deal, said the business is likely to double in the next five years, given the synergies between OSL and Adani Harbour Services.
This will result to improved margins and will create significant value for Adani Ports and Special Economic Zones, said Karan Adani.
The acquisition will not only provide Adani Ports and Special Economic Zones major share of the country’s marine services market but will also give the company a stage in building a pan-Indian presence for the firm, Karan Adani added.
Adani Ports and Special Economic Zones is the flagship transportation subsidiary of Adani Group conglomerate. Simultaneously, it is also India’s largest private ports and logistics firm.
The statement by the company stated that prime activities carried out by the firm will be towage, pilotage, and dredging.
“With an asset base of 94 owned vessels and 13 third-party-owned vessels, OSL is a market leader,” the statement added.
The enterprise value of OSL is Rs 1,700 crore with Rs 300 crore of free cash with the firm, the statement mentioned.
OSL was set up in 1995 by a group of marine technocrats. P Jairaj Kumar is the chairman and managing director of OSL and he will continue to work as the chairman of the company.
The statement also said that the company already has a presence at all major ports and harbours in India, along with it operates at 15 minor ports and all three LNG terminals across the country.
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