Ocean Sparkle's acquisition talk's with TAG offshore have not fructified, according to Livemint.
P Jairaj Kumar - chairman and MD of Ocean Sparkle didnt elaborate on the reason for not going ahead with the $100Mn proposal, citing a confidentiality clause with TAG Offshore. However it could be due to valuation differences.
Earlier in December, ToI reported Ocean Sparkle may raise funds from from SBI Macquarie to acquire Mumbai based marine support services firm - Tag Offshore for R400Cr.
Ocean Sparkle as 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 is promoted by P. Jairaj Kumar, Sanjeev Dhawan, A.K. Sawhney and R.Virender Prasad.
The company operates a fleet of harbour tugs with presence in most of the leading ports, including JNPT (Mumbai), Mormugao Port (Goa), Pipavav Port and Reliance Port and Terminals Limited (both in Gujarat), Ennore Port (Tamil Nadu) and Cochin Port (Kerala).
Other shareholders include IFC, SUUTI, Park Equity Holdings Limited, Infrastructure India Holding Fund LLC, West Coast Ports Limited and non-resident Indians. In August this year, it raised $11.5Mn fron IFC for it's subsidiary - Sparkle Port Services Ltd. This funds will be used part finance the purchase of tugboats and marine craft.
Tag Offshore, incorporated in 2003, acquired the offshore business of Essar Shipping Ports and Logistics. Over the years, it has scaled up its operations to have a fleet size of 14. The company reported revenues of about Rs 130 crore in 2010-11, catering to the requirements of entities like ONGC, Jawaharlal Nehru Port Trust and Cochin Port Trust.
KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
| 23/01/12 |
Tag Offshore - Ocean Sparkle |
M&A |
Ocean Sparkle Limited |
79.68 |
| Date | Type | Buyer | Target | Size ($mn) | State |
| 03/02/12 |
Private Equity |
Goldman Sachs Capital Partners |
Aban Offshore Limited (Aban Loyd Chiles Offshore Limited) |
4.59 |
Completed |
| 25/01/12 |
M&A |
ONGC Videsh Limited |
OAO Yamal LNG |
- |
Planned |
| 23/01/12 |
M&A |
Ocean Sparkle Limited |
Tag Offshore Limited |
79.68 |
Called Off |
| 12/01/12 |
M&A |
Oil India Limited |
Cove Energy Plc |
- |
Planned |
Company |
| 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 |
| Tag Offshore Limited |
Shamik Kishore Apparao |
137/138A, 13th Floor, Jolly Maker II, Nariman Point |
|
www.tagoffshore.net |
 |
MAPE Advisory Group |
