Adani acquires Ocean Sparkle
Adani Ports and Special Economic Zone has entered into a definitive agreement for acquisition of 100% stake in Ocean Sparkle, India’s leading third-party marine services provider.
Key activities carried by the company include dredging, towage and pilotage.
With an asset base of 94 owned vessels and 13 third-party owned vessels, OSL is a market leader, said Adani in its statement.
“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 Mr Karan Adani, CEO and Whole-time Director, 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.”
Over the years, OSL has built and deployed a team of 1,800 personnel across India.
The Company has significant experience in global maritime servicing through its operations in Oman, Saudi Arabia, Sri Lanka, Qatar, Yemen and Africa.