Highlights

  • OSL an asset base of 94 owned vessels and 13 third-party owned vessels.
  • Ocean Sparkle valued at an enterprise value of Rs 1,700 crore

Latest news

WATCH: black balloons released near PM's chopper in Vijaywada

WATCH: black balloons released near PM's chopper in Vijaywada

Netizens slam Virender Sehwag for passing derogatory remark on Virat Kohli

Netizens slam Virender Sehwag for passing derogatory remark on Virat Kohli

 Arsenal complete Gabriel Jesus signing from Manchester City

Arsenal complete Gabriel Jesus signing from Manchester City

Redmi K-series to make a comeback in India

Redmi K-series to make a comeback in India

AirPods Pro 2 tipped to come with a USB-C port

AirPods Pro 2 tipped to come with a USB-C port

Adani Ports shares buzzing as it acquires Ocean Sparkle

The consolidated business is likely to double in five years with improved margins, thereby creating significant value for Adani Ports' shareholders.

Adani Ports shares in focus as a big acquisition anchors in, Gautam Adani backed firm announced it has India's largest third-party marine services provider, Ocean Sparkle Ltd. Adani Ports and Special Economic Zones (APSEZ) via its subsidiary Adani Harbour Services has entered into a definitive agreement and quoted the purchase price at Rs 1,530 crore.

Also read/watch | Earth day 2022: Showcasing six Indian sustainable startups

Commenting on the development, APSEZ CEO and Whole-time Director Karan Adani said given the synergies of OSL and the Adani Harbour Services Ltd (TAHSL), the consolidated business is likely to double in five years with improved margins, thereby creating significant value for APSEZ's shareholders.

He further said this acquisition not only provides APSEZ a significant share of India's marine services market but also provides us with a platform for building a presence in other countries.

Also read/watch | Fed fears spark sell-off, Powell braces for 50 bps hike, and more

According to a statement, key activities carried out 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," it added.

OSL is valued at an enterprise value of Rs 1,700 crore with Rs 300 crore of free cash in the company, as per the statement. 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.

Also read/watch | EV battery fires: Ola's Bhavish Aggarwal trolled for dancing video on Twitter

It has a presence in all the major ports, 15 minor ports and all the 3 LNG terminals in India, the statement said.

Adani Ports and Special Economic Zones, the flagship transportation arm of the diversified Adani group, is India's largest private ports and logistics company.

Up Next

Adani Ports shares buzzing as it acquires Ocean Sparkle

Adani Ports shares buzzing as it acquires Ocean Sparkle

Zurich, world’s 2nd most expensive city: here's the one place that beat it

Zurich, world’s 2nd most expensive city: here's the one place that beat it

Bezos vs Biden: Amazon founder is again taking on the US President

Bezos vs Biden: Amazon founder is again taking on the US President

Special treatment for Tesla not in India's interest: Ola Chief Bhavish Aggarwal

Special treatment for Tesla not in India's interest: Ola Chief Bhavish Aggarwal

British Army's Twitter, YouTube hacked to promote crypto scam

British Army's Twitter, YouTube hacked to promote crypto scam

Over 12,000 employees sacked by India startups in 2022: report

Over 12,000 employees sacked by India startups in 2022: report

More videos

Indigo crew on mass leave for job interviews?

Indigo crew on mass leave for job interviews?

Musk makes a comeback! This time with the Pope

Musk makes a comeback! This time with the Pope

Over 8000 flights delayed or cancelled, American airports in complete chaos

Over 8000 flights delayed or cancelled, American airports in complete chaos

On camera: Spicejet flight cabin fills with smoke, flight to return to Delhi

On camera: Spicejet flight cabin fills with smoke, flight to return to Delhi

BMW cars will adopt Android Automotive from 2023

BMW cars will adopt Android Automotive from 2023

DHFL fraud: Yes Bank to PM Housing Scheme, Rs 34,000 cr scam explained

DHFL fraud: Yes Bank to PM Housing Scheme, Rs 34,000 cr scam explained

NYC rents hiked by most in 10 years: Only 1 out of 5 full-time workers can afford it

NYC rents hiked by most in 10 years: Only 1 out of 5 full-time workers can afford it

Explained: Germany one step away from rationing gas, Russia cuts supply

Explained: Germany one step away from rationing gas, Russia cuts supply

Media Mogul Rupert Murdoch heads for 4th divorce at 91

Media Mogul Rupert Murdoch heads for 4th divorce at 91

Home buyers' dilemma as housing projects get stuck! What to do

Home buyers' dilemma as housing projects get stuck! What to do

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.