Adani Group Acquires Ocean Sparkle – Adani Ports and also the special economic zone ltd by its subsidiary, The Adani harbor service Ltd enter into the agreement for the acquisition of a 100% stake in the ocean of the Ocean sparkle Ltd which is one of the third leading party marine service providers in India and their key activities are towage, pilotage and also the dredging.
Adani Group Acquires Ocean Sparkle with 100% Stake
With the base asset of 94 owned vessels and 13 third-party owned vessels, OSL is one of the market leaders and OSL is mainly valued at the enterprise value of Rs. 1,700 crore with the 300 crores of the free cash in the economy. Also, the company is mainly established in the year 1995 by a group of marine technocrats along with the Mr. P Jairaj Kumar who is the chairman and MD and he continues as the chairman of the OSL board.
The synergies of the OSl and Adani Harbour Services business is going to double in the five years along with the improved margins and creating the particular value for the APSEZ’s shareholders said by Karan Adani, CEO and the director. This acquisition provides the APSEZ with a significant share of India’s marine services market but also provides the platform for the presence of building in the other countries and facilitating the APSEZ’s journey to become the largest port operator in the world by the year 2030 and also to become largest integrated transport utility in India. Also, the OSL is having long term relations with the existing clients along with the contracts ranging from 5 years to 20 years and their average contract length is 7 years.
The contracts are mainly on take or pay basis and they provide the robustness to the OSL’s business model and the company presence in all the major ports and also into the 15 minor ports and the 3 LNG terminals in India. From the previous years, OSL has been built and deployed the company with significant experience into the global maritime servicing by the operations in Oman, Saudi Arabia, Sri Lanka, Qatar, Yemen and Africa.