Through its subsidiary, the Adani Harbor Services Ltd (TAHSL), the Adani Ports and Special Economic Zone Ltd (APSEZ) have agreed to acquire a 100% stake in Ocean Sparkle Ltd (OSL), India's largest third-party maritime services provider.

The company's main activities are towing, piloting and dredging.

OSL is the market leader, with a network of 94 owned boats and 13 owned by other parties. OSL has a market cap of Rs 1,700 crore and Rs 300 crore in free cash.

P Jairaj Kumar, who will remain as chairman of the board of OSL, founded the company in 1995 with a group of maritime technocrats.

Given the synergies between OSL and Adani Harbor Services, the combined company is likely to grow at higher margins in five years, generating significant value for APSEZ shareholders.

Karan Adani, CEO and Whole-Time Director of APSEZ, told media that this acquisition gives APSEZ a significant share of the Indian maritime services market and a platform to expand its presence in other countries, making it easier to operate by 2030. to become the world's largest port operator. and the largest integrated transportation company in India.

OSL has long-standing relationships with its current customers, with contracts ranging from 5 to 20 years (average contract duration is seven years).

The contracts are on a Take or Pay (TOPA) basis, keeping OSL's business model stable.

OSL has established and deployed a workforce of 1,800 people across India over the years.

Operating in Oman, Saudi Arabia, Sri Lanka, Qatar, Yemen and Africa, the company has extensive expertise in global maritime services.