Adani Ports and Special Economic Zone (APSEZ), through its subsidiary, The Adani Harbour Services, has entered into a definitive agreement for the acquisition of 100% stake in Ocean Sparkle Ltd (OSL), India’s leading marine services provider.

The billionaire Gautam Adani-led company will pay Rs 1,135.30 crore for the direct acquisition of 75.69 per cent stake in OSL, along with Rs 394.87 crore for the indirect acquisition of 24.31 per cent stake, the company said in a stock exchange filing on April 22.

"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, APSEZ. He further added that this acquisition will also provide the company a platform to build its presence in other countries. APSEZ aims to become the largest port operator globally by 2030 and largest integrated transport utility in India.

OSL is valued at an enterprise value of Rs 1,700 crore with Rs 300 crore of free cash in the company. 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 board. The statement said it has a presence in all the major ports, 15 minor ports, and all the 3 LNG terminals in India. 

As a part of the globally diversified Adani Group, APSEZ has evolved from a port company to an Integrated Transport Utility providing end-to-end solutions from its port gate to the customer gate.

It is the largest port developer and operator in India, with six strategically located ports and terminals on the west coast (Mundra, Dahej, Tuna and Hazira in Gujarat, Mormugao in Goa and Dighi in Maharashtra) and 6 ports and terminals on the East coast of India Dhamra in Odisha, Gangavaram, Visakhapatnam and Krishnapatnam in Andhra Pradesh, and Kattupalli and Ennore in Chennai.

Image courtesy: India Today