: Adani acquires full stake in Ocean Sparkle #finance #StockMarketNEWS #Business ​Indo-Asian News Service Ahmedabad Adani Ports and Special Economic Zone Ltd (APSEZ) through its subsidiary,
Adani acquires full stake in Ocean Sparkle #finance #StockMarketNEWS #Business
​Indo-Asian News Service
Ahmedabad
Adani Ports and Special Economic Zone Ltd (APSEZ) through its subsidiary, The Adani Harbour Services Ltd (TAHSL), has entered into a definitive agreement for acquisition of 100% stake in Ocean Sparkle Ltd (OSL), India’s leading third-party marine services provider.
Key activities carried by the company include towage, pilotage, and dredging. With an asset base of 94 owned vessels and 13 third-party owned vessels, OSL is a market leader. 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.
“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.
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