The country’s largest marine service company Ocean Sparkle will soon become a part of the Adani Group.
The country’s largest marine service company Ocean Sparkle will also soon become a part of the Adani Group. Adani Ports and Special Economic Zones (APSEZ) today (April 22) informed that its subsidiary Adani Harbor Services has decided to acquire the leading third party marine service provider Ocean Sparkle Limited (OSL). Agreement done.
Adani Ports will get help in increasing business in other countries
Commenting on the deal, Karan Adani, CEO and Whole Time Director, APSEZ, said that the consolidated business is expected to double in five years with OSL and Adani Harbor Services Ltd coming together. Apart from this, margins will also improve, which will prove to be a win-win deal for the shareholders of APCase. Karan further said that the acquisition will not only increase the share of APSEZ in the marine services market of the country but will also provide a platform to establish its presence in other countries as well.
Details about companies
OSL is the market leader with 94 own ships and 13 third party vessels, according to the statement issued. Its enterprise value is Rs 1700 crore with free cash of Rs 300 crore. This company was started in 1995 by some marine technocrats along with P Jayaraj Kumar as chairman and MD. Even after the deal with the subsidiary company of Adani Ports, Kumar will continue to be the chairman of OSL. It is present at all major ports, 15 minor ports and all three LNG terminals in the country. On the other hand, talking about Adani Ports and SEZ, it is the transportation arm of Adani Group, which is the largest private ports and logistics company in the country. (Input: PTI)