Indian tug owners' merger to create major global player

This acquisition is being undertaken by Adani Harbour Services to bring together both companies’ towage, pilotage and dredging operations.

Ocean Sparkle was established in 1995 by a group of marine technocrats, with P Jairaj Kumar as chairman and managing director. He will continue as chairman of the Ocean Sparkle management board when the acquisition is completed.

Ocean Sparkle is a market leader in providing towage and pilotage through its fleet of 94 owned vessels and 13 third-party owned vessels which includes 76 tugboats, nine dredgers, eight pilot boats, four mooring vessels, four barges and two platform supply vessels.

Adani Ports and Special Economic Zone Ltd (APSEZ) chief executive and director Karan Adani said this acquisition was part of the group’s aspirations to become the largest port operator globally by 2030.

“Given the synergies of Ocean Sparkle and Adani Harbour Services, the consolidated business is likely to double in five years with improved margins, thereby creating significant value for APSEZ’s shareholders,” said Mr Adani.

“This acquisition not only provides APSEZ a significant share of India’s marine services market but also provides us a platform for building a presence in other countries,” he continued, “thereby facilitating APSEZ’s journey towards becoming the largest port operator globally by 2030 and largest integrated transport utility in India.”