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The Adani Harbour Services (TAHSL), a subsidiary of Adani Ports and Special Economic Zone (APSEZ), has signed a definitive agreement to acquire a 100 percent stake in Ocean Sparkle (OSL), India’s leading third-party marine services provider. Towage, pilotage, and dredging are some of the company’s main activities.
OSL is a market leader, with a fleet of 94 owned vessels and 13 owned by third parties. OSL has an enterprise value of Rs 1,700 crore and has Rs 300 crore in cash on hand. The company was founded in 1995 by a group of marine technocrats, with P Jairaj Kumar as chairman and MD, and he will continue to serve on the OSL board of directors.
“Given OSL and Adani Harbour Services’ synergies, the consolidated business is likely to double in five years with improved margins, creating significant value for APSEZ’s shareholders.” APSEZ’s CEO and full-time director, Karan Adani, stated. “This acquisition not only gives APSEZ a significant share of India’s marine services market, but it also gives us a platform to expand our presence in other countries, paving the way for APSEZ to become the world’s largest port operator by 2030 and India’s largest integrated transport utility.”
OSL has long-term relationships with its current clients, with contracts ranging from 5 to 20 years in length (the average contract length is 7 years). Furthermore, the contracts are on a take or pay (TOPA) basis, ensuring OSL’s business model’s stability. All of India’s major ports, 15 minor ports, and three LNG terminals are served by the company.
OSL has built and deployed a team of 1,800 people across India over the years. Through operations in Oman, Saudi Arabia, Sri Lanka, Qatar, Yemen, and Africa, the company has gained experience in global maritime servicing.
