IFC Invests $11.5 Mn In Sparkle Port Services
IFC may invest $11.5 Mn in Sparkle Port Services Ltd - a subsidiary of Ocean Sparkle Ltd. The funds will be used to part finance the purchase of tugboats and marine craft.
Sparkle has won a 17 year contract from Petronet LNG Ltd to purchase and deploy 4 tugboats and 1 marine craft at Petronet's upcoming LNG terminal at Kochi.
Transaction Reference: IFC
Petronet is currently operating an LNG plant at Dahej in western India. Ocean Sparkle has been providing port management services at the Dahej terminal since 2004 (via a group company, Sealion Sparkle).IFC has also provided a $150 Mn loan for the Kochi LNG project to Petronet.
OSL was incorporated in 1995 and it along with its joint venture companies has a total fleet of 81 vessels operating in 22 locations in India. The company’s headquarters are in Hyderabad in the state of Andhra Pradesh in India.
OSL provides port management services such as harbor towage, mooring, pilotage, ship-to-ship transfer of cargo, and control tower operations. OSL’s is promoted by P. Jairaj Kumar, Sanjeev Dhawan, A.K. Sawhney and R.Virender Prasad.
Other shareholders include IFC, SUUTI, Park Equity Holdings Limited, Infrastructure India Holding Fund LLC, West Coast Ports Limited and non-resident Indians.
KPMG Oil Natural Gas Overview 2010
Two more LNG terminals are coming up in South India, one each in Tamil Nadu and Karnataka. IOCL is setting up an LNG project with an annual capacity of 5 Mtpa in Tamil Nadu and Karnataka Power Corporation may buld a 2.5 Mtpa terminal plant in Karnataka.
Mumbai based Hiranandani Group is also setting up a 8 Mtpa terminal at Dighi port in Maharashtra for captive use at its upcoming power plants and to cater to consumers in the power and fertiliser industry.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 24/08/11 | Sparkle Port Services - IFC | Private Equity | International Finance Corporation | 11.07 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 17/05/12 | M&A | CESC Limited | Pachi Hydropower Projects Limited | - | Completed |
| 17/05/12 | M&A | CESC Limited | Papu Hydropower Projects Limited | - | Completed |
| 14/05/12 | M&A | Jain Irrigation Systems Limited | NaanDanJain Irrigation Limited | - | Completed |
| 10/05/12 | M&A | IRB Infrastructure Developers Limited | MVR Infrastructure And Tollways Private Limited | 24.39 | Completed |
Fund |
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| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| International Finance Corporation | Micro Finance Infrastructure Energy |
www.ifc.org | Anup Kumar Agarwal | |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Ocean Sparkle Limited | P Jairaj Kumar Sanjeev Dhawan R Virender Prasad |
1st Floor, Plot No.128, Srinagar Colony | www.oceansparkle.com | |
| Sparkle Port Services Limited | P Jairaj Kumar Sanjeev Dhawan A K Sawhney R Virender Prasad |
H.NO. 8-3-975, Plot No 128, Yellareddy Guda Srinagar Colony | www.oceansparkle.com | |
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