AHMEDABAD: Adani Ports and Special Economic Zone Ltd (APSEZ) has entered into a definitive agreement to acquire a 100 percent stake in Ocean Sparkle Ltd (OSL), India's biggest third-party marine services provider, through its subsidiary, The Adani Harbour Services Ltd (TAHSL).

Towage, pilotage, and dredging are some of the company's main activities. OSL is a market leader, with a fleet of 94 owned vessels and 13 owned by other parties. OSL is valued at Rs 1,700 crore in enterprise value, with Rs 300 crore in cash on hand. The company was founded in 1995 by a group of maritime technocrats, with P. Jairaj Kumar as Chairman and MD, and he will continue to serve on the OSL board of directors.

"Given the synergies between OSL and Adani Harbour Services, the consolidated business is anticipated to grow in five years with increased margins, providing considerable value for APSEZ shareholders," said Karan Adani, CEO and Whole-Time Director of APSEZ. "This acquisition not only gives APSEZ a major share of India's maritime services industry, but it also gives us a platform to expand our footprint in other countries, paving the way for APSEZ to become the world's largest port operator by 2030 and India's largest integrated transport utility." Existing clientele have been with OSL for a long time, with contracts spanning from 5 to 20 years (average length of contracts is 7 years).

OSL has established and deployed a workforce of 1,800 people across India over the years. Through its activities in Oman, Saudi Arabia, Sri Lanka, Qatar, Yemen, and Africa, the company has extensive experience in worldwide maritime servicing.

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