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Adani Ports to acquire marine services firm Ocean Sparkle

After the acquisition, OSL will become a wholly-owned subsidiary of The Adani Harbour Services Ltd
Representational image
Representational image

Our Special Correspondent   |   Mumbai   |   Published 23.04.22, 12:41 AM

Adani Ports and Special Economic Zone (APSEZ) on Friday announced that its subsidiary will acquire a 100 per cent stake in Ocean Sparkle Ltd (OSL), a third-party port services provider, for Rs 1,530 crore in cash.

In a regulatory filing, APSEZ said The Adani Harbour Services Ltd (TAHSL) will acquire a direct stake of 75.69 per cent in OSL for Rs 1,135.30 crore. It will also get another indirect stake of 24.31 per cent as the subsidiary will acquire 100 per cent of Savi Jana, a promoter entity. This will be purchased for Rs 394.87 crore, leading to a total consideration of Rs 1,530 crore.

After the acquisition, OSL will become a wholly-owned subsidiary of TAHSL. 

Ocean Sparkle was incorporated in July 1995 and is engaged in providing port operations and management (O&M) services, which includes provision of technical management of marine crafts, harbour towage service, mooring services and pilotage service.

A press statement from APSEZ said with an asset base of 94 owned vessels and 13 third-party owned vessels, OSL is a market leader. The company added that marine technocrat P. Jairaj Kumar will continue as the chairman of the OSL board.

“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,” Karan Adani, CEO and whole-time director, APSEZ, said.

He added that the acquisition not only provides APSEZ a significant share of India’s marine services market but also provides it with 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.

Investors gave a thumbs-up to the transaction with the shares of APSEZ rising by 2.76 per cent, or Rs 23.50, to end at Rs 873.50 on the BSE on Friday.


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