Adani ports acquires Ocean SparkleADANIPORTS - 825 Change: -6.80 (-0.82 %)
News: Adani ports is set to fully acquire the country’s largest marine services company Ocean Sparkle for Rs 1530 crore (EV/EBITDA of ~6X). It owns 94 vessels. Ocean Sparkle also operates in Sri Lanka, Saudi Arabia, Oman, Yemen and Qatar. Around 80% of revenue and 85% of operating profit is from take or pay contracts.
Views: The acquisition will help to company to further its aim to become an end-to-end transport utility company by 2030. With this acquisition the company expects its segment (Adani Harbour Services) to clock a revenue of Rs5000 crore by FY27 (registered Rs1408 crore as revenues in Harbour segment in FY21 and Rs 622 crore revenue in OSL).