AHMEDABAD : Adani Ports and Special Economic Zone Limited (APSEZ) on Friday announced the acquisition of third-party marine services provider, Ocean Sparkle for an enterprise valuation of Rs 1,700 crore. APSEZ’s subsidiary, The Adani Harbour Services Limited (TAHSL) has entered into a definitive agreement for the acquisition of 100% stake in OSL, which is a market leader in the segment.
The acquisition provides APSEZ with a platform for expanding into different markets, in accordance with its goal to emerge as 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 and it is involved in towage, pilotage, and dredging. The company currently has an asset-base of some 94 owned vessels and 13 third-party owned vessels. The firm has presence in all the major ports, 15 minor ports and all the 3 LNG terminals in India.
“Given the synergies of OSL and TAHSL, the consolidated business is likely to double in five years with improved margins, thereby creating significant value for APSEZ’s shareholders. The acquisition provides APSEZ a significant share in the country’s marine services market,” said Karan Adani, CEO and Whole-time Director, APSEZ.