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Home News Adani Ports acquires India’s largest marine services firm Ocean Sparkle

Adani Ports acquires India’s largest marine services firm Ocean Sparkle

Adani Ports and Special Economic Zone Ltd (APSEZ) through its subsidiary, the Adani Harbour Services Ltd (TAHSL), has entered into a definitive agreement for the acquisition of a 100% stake in Ocean Sparkle Ltd, India’s largest third-party marine services provider.

Ocean Sparkle's key activities include towage, pilotage, and dredging. With an asset base of 94 owned vessels and 13 third-party owned vessels, OSL is valued at an enterprise value of around US$223 million with US$39 million of free cash in the company.

Ocean Sparkle was established in 1995 by a group of marine technocrats with P Jairaj Kumar as the chairman and managing director, who will continue as the chairman of the company's 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,” commented Karan Adani, CEO and whole-time director at APSEZ.

“This acquisition not only provides APSEZ a significant share of India’s marine services market but also provides us a platform for building a 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,” he added.

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