New Delhi, Apr 22 (PTI) Adani Ports and Special Economic Zones (APSEZ) on Friday said its subsidiary Adani Harbour Services has entered into a definitive agreement to acquire leading third-party marine services provider Ocean Sparkle Ltd (OSL).
Commenting on the development, APSEZ CEO and Whole-time Director Karan Adani said given the synergies of OSL and the Adani Harbour Services Ltd (TAHSL), the consolidated business is likely to double in five years with improved margins, thereby creating significant value for APSEZ’s shareholders.
He further said this acquisition not only provides APSEZ a significant share of India’s marine services market but also provides us with a platform for building a presence in other countries.
According to a statement, key activities carried out 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,” it added.
OSL is valued at an enterprise value of Rs 1,700 crore with Rs 300 crore of free cash in the company, as per the statement.
The company was established in 1995 by a group of marine technocrats with P Jairaj Kumar as the Chairman and MD, who will continue as the Chairman of the OSL.
It has a presence in all the major ports, 15 minor ports and all the 3 LNG terminals in India, the statement said.
Adani Ports and Special Economic Zones, the flagship transportation arm of the diversified Adani group, is India’s largest private ports and logistics company.