Adani Port Acquires Ocean Sparkle, the country's largest marine service provider for Rs 1,700 crore

April 22, 2022

66 1 minute read

Shares of Adani Port rose 4% after the announcement

Adani Group’s Adani Port and Special Economic Zone (APSEZ-Adani Port) has acquired marine service provider Ocean Sparkle through its subsidiary Adani Harbor Services. According to Adani Port, Rs. The deal, including Rs 300 crore in cash, is worth Rs. 1700 crore on an enterprise value basis. Ocean Sparkle Ocean’s main activities include towing, piloting and dredging. Ocean Sparkle is the number one marine service provider in India and the 11th largest in the world.

Support for world’s largest port operator: Karan Adani
Karan Adani, CEO and Full Time Director, Adani Port, said, “This acquisition will not only make us a significant part of India’s marine services market but also provide a platform for us to establish a presence in other countries.” This will support Adani Port’s journey towards becoming the world’s largest port operator and the largest integrated transport utility in India by 2030. Given the synergies of Ocean Sparkle and Adani Harbor Services, consolidated business is expected to double in five years with improved margins, creating significant value for APSEZ shareholders.

Ocean Sparkle active in all major ports in India
Marine technocrat p. Ocean Sparkle, launched by Jayaraj Kumar in 1995, has a presence in all major ports, 15 small ports and all 3 LNG terminals in India. It has significant experience of global maritime service through its operations in Oman, Saudi Arabia, Sri Lanka, Qatar, Yemen and Africa. The company has 94 ships and 13 third party ships. Even after the deal, Kumar will continue as chairman of Ocean Sparkle.

Shares of Adani Port rose 4% after the announcement
Shares of APSEZ have risen as much as 4% since Adani Port announced the acquisition of Ocean Sparkle. Shares of APSEZ traded at Rs. 30 increased to Rs. Trading above 880.30. After the market opened, the stock traded at Rs. Made a high of 886. Shares of Adani Port rose 12.28% during the month of April.