Adani Ports and Special Economic Zone Ltd (APSEZ) has signed an agreement for the acquisition of Ocean Sparkle Ltd (OSL).
Through its subsidiary, Adani Harbour Services Ltd (TAHSL), the agreement takes a 100 per cent stake in the firm.
With an asset base of 94 owned vessels and 13 third-party owned vessels, the Indian OSL is valued at an enterprise value of INR 1,700 Cr ($222.3 million) with INR 300 Cr ($39.2 million) of free cash in the company and main activities include towage, pilotage, and dredging.
“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,” said 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 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.”
Last February, APSEZ saw its container throughput rise by a quarter in its latest financial year results.
