Private Equity

Liquidity Events

PE firms, IFC to sell stake in port ops co Ocean Sparkle for $200-M

Mint  

Private equity firm International Finance Corporation (IFC) and a clutch of angel investors are selling their 65% stake in Hyderabad-based Ocean Sparkle Ltd, a port operations and marine services company. 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 is expected to have an equity value of around USD 200 million. While QIC, India Equity Partners, Affirma Capital and IFC 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. With a fleet of 110 vessels, including tugboats, dredgers, platform supply vessels and barges, Ocean Sparkle has a significant presence in the port operations space.