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Eredene to exit India's Ocean Sparkle

  • Andrew Woodman
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Indian infrastructure investor Eredene Capital will exit its stake in Ocean Sparkle (OSL), a Hyderabad-based port operations company, and has appointed local investment bank MAPE to handle the sale.

According to a company statement, Eredene currently holds a 6.65% stake in OSL, purchased in 2010 for GBP7.3 million ($10.8 million). The company generated pre-tax profits of INR563 million ($10 million) for the year ended March 2012.

OSLE operates India's largest fleet of harbor tugs with a presence in most of the larger ports in the country including in places such as Mumbai, Gujarat, Tamil Nadu and Kerala.

MAPE, a Mumbai-based investment bank which specializes in M&A and raising capital, also acted as the adviser when Standard Chartered Private Equity purchased a $37 million minority stake in OSL in December 2012.

Eredene Capital trades on the Alternative Investment Market of the London Stock Exchange and has a portfolio of nine principal investments in India-eight in port services, warehousing and logistics, and one in low-cost housing.

Other recent activity in India's maritime industry and logistics space includes Everstone's INR2.2 billion investment in shipping logistics firm Transpole for a near 25% stake.

 

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