Private equity firms, International Finance Corp. (IFC) and a clutch of angel investors are selling their 65% stake in Hyderabad-based Ocean Sparkle Ltd, said two people aware of the development.
The stake sale by Queensland Investment Corp. (QIC), India Equity Partners, Affirma Capital and IFC, and some angel investors could be among the largest deals in the Indian port operations sector. The deal has an equity value of around $200 million, said the two people cited above, requesting anonymity.
Affirma Capital is managing the sale process, said one of the two people cited above. With a fleet of 110 vessels, including tugboats, dredgers, platform supply vessels and barges, Ocean Sparkle has a significant presence in the Indian port operations space.
While QIC, India Equity Partners, Affirma Capital and IFC—a World Bank group firm—hold 53% in Ocean Sparkle, angel investors own a 12% stake. The remaining 35% is held by founders, including P. Jairaj Kumar, chairman and MD of Ocean Sparkle.
“Port services being essential, our operations are not affected even during covid, and that is what’s fuelling investors’ interest. We have received interest from international strategic investors and large buyout funds,” Kumar said.
An Affirma Capital spokesperson declined to comment. An IFC spokesperson said, “We do not discuss speculative queries.”
