VISAKHAPATNAM: Adani Ports and Special Economic Zone Ltd (APSEZ) through its subsidiary, The Adani Harbour Services Ltd (TAHSL), has reached an agreement for acquiring 100 per cent stake in Ocean Sparkle Ltd, a third-party marine services provider.
Key activities carried by the company include towage, pilotage, and dredging. With an asset base of 94 vessels and 13 third-party owned vessels, OSL is a market leader. It was established in 1995 by a group of marine technocrats with P Jairaj Kumar as chairman and MD, who will continue as the chairman of the OSL board, according to a release here on Friday.
“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 director of APSEZ.
He said this acquisition not only provides APSEZ a significant share of India’s marine services market but also 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.