Adani acquires India’s largest marine services company Ocean Sparkle

article continues after this advertisement

Adani Ports and Special Economic Zone Ltd (“APSEZ”) through its subsidiary, The Adani Harbour Services Ltd (“TAHSL”), has entered into a definitive agreement for acquisition of 100% stake in Ocean Sparkle Ltd (‘OSL’), India’s leading third-party marine services provider. 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. The company was established in 1995 by a group of marine technocrats with Mr. P Jairaj Kumar as the Chairman and MD, who will continue as the Chairman of the OSL board.