Adani Ports to acquire 100Percentage stake in Ocean Sparkle

27 Apr 2022 , 01:33 AM

Adani Ports and Special Economic Zone APSEZ through its subsidiary The Adani Harbour Services TAHSL has entered into a definitive agreement for acquisition of 100Percentage stake in Ocean Sparkle OSL Indias leading thirdparty marine services provider Key activities carried 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 OSL is valued at an enterprise value of Rs 1700 crore with Rs 300 crore of free cash in the company OSLs attractive capital structure quality operations and sustainable cash flows are reflected in its attractive credit rating AA- by ICRA The Company is expected to have revenue of Rs ~600 crore EBITDA of Rs ~310 crore and PAT of Rs ~135 crore in FY22 Around 92Percentage of OSLs total revenue was contributed by marine services Towage Pilotage and the remaining 8Percentage is from dredging and other offshore services combined The net debt to EBITDA ratio is less than 1x APSEZs acquisition of OSL concluded at an attractive EV FY23E EBITDA of 57x On the back of operational and financial synergies the consolidated revenue and EBITDA of Adani Harbour Services is expected to jump ~100Percentage and reach around Rs 5000 crore Rs 4000 crore respectively by FY27