Adani Acquires Ocean Sparkle for Rs 1,530 Crore

Adani Ports and Special Economic Zone (APSEZ) acquired a 100% stake in Ocean Sparkle, India's leading third-party marine service provider, for Rs 1,530 crore through its subsidiary Adani Harbor Services. The company said the investment was in line with its strategy to increase its presence in the marine services segment. The transaction is expected completed within one month.

APSEZ will pay Rs.1,135.30 crore for a 75% stake in OSL and Rs.394.87 crore to indirectly acquire a 24.31% stake in OSL through a 100% stake in Savi Jana. After the acquisition is completed, Ocean Sparkle will become a wholly-owned subsidiary of Adani Harbour Services.

Karan Adani, CEO and Whole-time Director at APSEZ has said that the acquisition will provide the company a platform to build its presence in other countries. APSEZ aims to be the largest port operator globally by 2030 and the largest integrated transport utility in India.

Founded on July 26, 1995, Ocean Sparkle provides port operations and management services, including the provision of technical management of marine crafts, harbor towage services, mooring services, pilotage services, etc. Other than India OSL also operates in Sri Lanka, Saudi Arabia, Yemen, Qatar, and Africa.