Adani acquires India’s largest marine services co Ocean Sparkle for Rs 1,530 cr

Adani Ports and Special Economic Zone (APSEZ), through its subsidiary, Adani Harbour Services, has acquired 100 per cent stake in Ocean Sparkle, India’s leading third- party marine services provider for Rs 1,530 crore. The company said that the investment is in line with its strategy to increase footprint in the marine service segment. The transaction is expected to be complete within a month. 

APSEZ will pay Rs 1,135.30 crore for 75 per cent stake of OSL, along with Rs 394.87 crore for indirect acquisition of 24.31 per cent stake of OSL through 100 per cent stake of Savi Jana. “The total consideration for 100 per cent stake of OSL acquired directly as point (A) above and indirectly as discussed below in point (B), is Rs. 1,530 crore,” the company said in a BSE filing. 

Following the completion of the acquisition, Ocean Sparkle will become a wholly-owned subsidiary of Adani Harbour Services.

Karan Adani, CEO and Whole-time Director, APSEZ, “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,” further adding that this acquisition will also provide the company a platform to build its presence in other countries. APSEZ aims to become the largest port operator globally by 2030 and largest integrated transport utility in India.

Incorporated on July 26, 1995, Ocean Sparkle is engaged in providing port operations and management services, including provision of technical management of marine crafts, harbour towage service, mooring services, pilotage services, etc. Apart from India, OSL has operated in Sri Lanka, Saudi Arabia, Yemen, Qatar and Africa. 

The company has contracts ranging from 5 to 20 years. OSL has its presence in all the major ports, 15 minor ports and all the 3 LNG terminals in India. It has a team of 1,800 personnel across India.

OSL has an AA- credit rating by ICRA. The company is expected to have revenue of ~ Rs 600 crore, EBITDA of ~ Rs 310 crore and PAT of ~ Rs 135 crore in FY22

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