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Standard Chartered Invests Rs. 2000 Million In Ocean Sparkle Limited
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Friday, December 07, 2012:
Standard Chartered Private Equity (SCPE) has invested Rs. 2000 million for a minority stake via primary and secondary investments in Ocean Sparkle Limited (OSL), the leading Indian comprehensive port operations and management services company. Part of the funding from SCPE will help finance OSL’s capital expenditure plans.
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Founded in 1995 by marine technocrats, OSL currently serves most of the key ports across India’s coastline and has the largest tug fleet in the country. It also has pre-qualifications to operate in over 5 countries and presently has operations in Oman and Sri Lanka. OSL has subsidiaries / joint ventures with PSA Marine (Pte) Limited, a leading international port O&M operator and also with the Khimji Group of Oman.
OSL has built up an integrated and diversified service offering including harbour towage, pilotage, mooring, ship-to-ship operations, FPSO offshore support services, salvage assistance, control tower operation and dredging. OSL has also developed a strong track record across a premier pan India customer base consisting of government ports as well as private sectors ports and terminals. Its client base includes 10 of the 13 major ports in India including JNPT, Ennore, Paradip, Chennai, Mumbai, and Kandla; private sector ports including Krishnapatnam, Gujarat Pipavav, Karaikal, Kakinanda, Dahej and private sector captive terminals such as those of Reliance, JSW and Petronet LNG.
OSL is also building capabilities to capitalize on new emerging opportunities such as energy and offshore terminals. OSL's comprehensive service offering presents a competitive advantage as both the public and private sector ports focus on infrastructure development and expansion. These ports are also increasingly outsourcing critical services to specialist service providers such as OSL.
As part of the SCPE investment, Rahul Raisurana, Managing Director, Standard Chartered Private Equity is joining OSL’s Board of Directors.
MAPE Advisory Group acted as the transaction advisor for the fund raise.
P. Jairaj Kumar, Chairman & Managing Director, Ocean Sparkle Limited said, “Ocean Sparkle has a long standing and credible debt relationship with Standard Chartered Bank. We feel privileged to partner with Standard Chartered Private Equity in our endeavour to accelerate our growth in various marine services across ports in India. We are also confident that this equity investment would aid our access to various geographies given the bank’s global presence.”
Rahul Raisurana, Managing Director, Standard Chartered Private Equity, said, "We are delighted to invest in Ocean Sparkle Limited. The country’s growing economy and growth in maritime traffic will provide a strong impetus for the growth of port infrastructure over the next decade. This will provide strong prospects for O&M activities at ports. As a clear leader in the sector and having one of the largest tug fleets in Asia as well as strong technical and management capabilities, OSL is well positioned to capitalize on the outsourcing trend as well as strong tug replacement demand at ports. We have found Ocean Sparkle to be the right partner because of its pan India diversified presence, strong domain knowledge, execution skills and leadership bandwidth, a key differentiator for the Company.”
Standard Chartered – leading the way in Asia, Africa and the Middle East
Standard Chartered is a leading international banking group. It has operated for over 150 years in some of the world's most dynamic markets and earns around 90 per cent of its income and profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the Bank’s growth in recent years. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges as well as the Bombay and National Stock Exchanges in India.
With 1,700 offices in 70 markets, the Group offers exciting and challenging international career opportunities for 87,000 staff. It is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. Standard Chartered’s heritage and values are expressed in its brand promise, ‘Here for good’.
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