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Adani acquires India’s largest marine services company Ocean Sparkle

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Adani Ports and Special Economic Zone Ltd (APSEZ) through its subsidiary, The Adani Harbour Services Ltd (TAHSL), has entered into a definitive agreement for acquisition of 100 per cent stake in Ocean Sparkle Ltd (OSL), India’s leading third-party marine services provider.

Key activities carried by the company include towage, pilotage, and dredging. With an asset base of 94 owned vessels and 13 third-party owned vessels, OSL is a market leader. OSL is valued at an enterprise value of Rs 1,700 crore with Rs 300 crore of free cash in the company. The company was established in 1995 by a group of marine technocrats with P. Jairaj Kumar as the Chairman and MD, who will continue as the Chairman of the OSL board.

“Given the synergies of OSL and Adani Harbour Services, the consolidated business is likely to double in five years with improved margins, thereby creating significant value for APSEZ’s shareholders,” said Karan Adani, CEO and Whole-time Director, APSEZ. “This acquisition not only provides APSEZ a significant share of India’s marine services market but also provides us a platform for building presence in other countries, thereby facilitating APSEZ’s journey towards becoming the largest port operator globally by 2030 and largest integrated transport utility in India.”

OSL has long-standing relationships with its existing clients, with contracts ranging from 5 to 20 years (average length of contracts is 7 years). Further, the contracts are on Take or Pay (TOPA) basis, thereby providing robustness to OSL’s business model. The Company has presence in all the major ports, 15 minor ports and all the 3 LNG terminals in India.

Over the years, OSL has built and deployed a team of 1,800 personnel across India. The Company has significant experience in global maritime servicing through its operations in Oman, Saudi Arabia, Sri Lanka, Qatar, Yemen and Africa.

OSL’s attractive capital structure, quality operations and sustainable cash flows are reflected in its attractive credit rating (AA- by ICRA). The Company is expected to have revenue of INR Rs 600 crore, EBITDA of Rs 310 crore and PAT of Rs 135 crore in FY22. Around 92 per cent of OSL’s total revenue was contributed by marine services (Towage & Pilotage), and the remaining 8 per cent is from dredging and other offshore services combined. The net debt to EBITDA ratio is less than 1x. APSEZ’s acquisition of OSL concluded at an attractive EV/ FY23E EBITDA of 5.7x.

On the back of operational and financial synergies, the consolidated revenue and EBITDA of Adani Harbour Services is expected to jump ~100 per cent and reach around Rs 5,000 crore and Rs 4,000 crore respectively by FY27.

Business

Maharashtra govt issues notice to Ola Electric over missing trade certificates

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Pune, April 4: The Maharashtra government has issued a notice to Ola Electric Mobility Limited, asking the company to explain why some of its stores in the state are operating without valid trade certificates.

According to the notice from the Transport Commissioner’s Office, several Ola Electric showrooms and service centres in Maharashtra are being run without the required documents.

The notice also accuses the company of illegally selling vehicles through these unauthorised outlets.

According to media report, the notice, dated March 31, gives the company three days to respond.

“This is a very serious matter, and you are requested to provide an explanation within three days as to why action should not be taken against your company for this act,” the notice said.

It was reportedly signed by Joint Transport Commissioner Ravi Gaikwad. However, as of now, Ola Electric has not responded officially on the issue.

The notice follows an earlier inspection drive initiated by the state transport authority.

On March 21, NDTV Profit had reported that Maharashtra’s Transport Commissioner had instructed all Regional Transport Offices (RTOs) to carry out special checks at Ola Electric stores.

These inspections reportedly revealed that many outlets were functioning without the necessary trade certificates.

As per the Central Motor Vehicles Act, 1988, and the Central Motor Vehicle Rules, 1989, every vehicle distributor or manufacturer must obtain a trade certificate to register and sell vehicles.

In addition, Rule 35 of the same law states that each showroom or dealership must have a separate certificate from the concerned registration authority.

The shares of the electric two-wheeler manufacturer closed lower by Rs 1.42 or 2.63 per cent to close the intra-day trade at Rs 52.62 on the National Stock Exchange (NSE).

Earlier this week, the company saw a sharp drop in its electric two-wheeler sales in March 2025, selling 23,430 units — a steep 56 per cent decline compared to the same month last year.

The company said on April 1 that the fall was mainly due to disruptions caused by its recent shift to handling vehicle registrations in-house, a process that began in February.

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Business

Cabinet okays 4 projects worth Rs. 18,658 crore to expand track network of Indian Railways

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New Delhi, April 4: The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has approved four projects to expand the track network of Indian Railways with an investment of Rs 18,658 crore, according to an official statement issued on Friday.

The four projects covering 15 districts in three states – Maharashtra, Odisha, and Chhattisgarh – will increase the existing network of Indian Railways by about 1,247 km.

These projects include Sambalpur-Jarapda 3rd and 4th Lines, Jharsuguda-Sason 3rd and 4th Lines, Kharsia-Naya Raipur-Parmalkasa 5th and 6th Lines, and Gondia-Balharshah doubling

The enhanced line capacity will improve mobility, providing enhanced efficiency and service reliability for Indian Railways. These multi-tracking proposals will ease operations and reduce congestion, providing the much-needed infrastructural development on the busiest sections across Indian Railways. The projects are in line with PM Modi’s vision of a New India, which will make people of the region “Aatmanirbhar” with comprehensive development in the area, which will enhance their employment/ opportunities, the official statement said.

The projects are part of the PM-Gati Shakti National Master Plan for multi-modal connectivity which entail integrated planning and will provide seamless connectivity for movement of people, goods and services.

With these projects, 19 new stations will be constructed, enhancing connectivity to two Aspirational Districts (Gadchiroli and Rajnandgaon). The multi-tracking project will enhance connectivity to around 3,350 villages and about 47.25 lakh population.

Kharsia-Naya Raipur-Parmalkasa lines will provide direct connectivity to new areas such as Baloda Bazar, and this will create possibilities for the setting up of new industrial units, including cement plants, in the region.

These lines are essential routes for the transportation of commodities such as agricultural products, fertiliser, coal, iron ore, steel, cement, and limestone. The capacity augmentation works will result in additional freight traffic of magnitude 88.77 MTPA (Million Tonnes Per Annum), the statement said.

With rhe Railways being an environment friendly and energy efficient mode of transportation, the new projects will help both in achieving climate goals and minimising logistics costs of the country. The projects are expected to reduce oil import by 95 crore litres and lower CO2 emissions by 477 crore kg, which is equivalent to planting 19 crore trees, the statement added.

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National

‘Waqf Bill will benefit Muslims, no threat to religious sites,’ says Shahabuddin Razvi

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New Delhi, April 4: Maulana Shahabuddin Razvi, the National President of All India Muslim Jamaat, expressed his support for the Waqf (Amendment) Bill, stating that it would significantly benefit Muslims and ensure the betterment of their socio-economic conditions.

He praised the passage of the bill in both the Lok Sabha and Rajya Sabha and thanked the Modi government.

Maulana Shahabuddin, giving his first reaction to passage of bill, said, “The Waqf Amendment Bill does not harm common Muslims, it will benefit them. The only ones who stand to lose are the Waqf land mafias who have illegally occupied valuable land. Common Muslims will not be affected by this.”

He further stated that the bill is aimed at protecting the interests of the poor and vulnerable sections of the Muslim community.

The Maulana explained that the revenue generated from Waqf land would be used to improve the socio-economic status of impoverished Muslims, particularly those unable to afford quality education for their children.

“The income from Waqf land will be used for the benefit of poor Muslims, helping children from low-income families get a better education, and assisting orphans and widows in their development,” he said.

Maulana Shahabuddin assured that the funds would be used according to the intention of the Waqf and aimed at opening schools, colleges, madrasas, and orphanages to uplift the educational and social standing of underprivileged Muslims.

Addressing concerns about the impact on religious sites, Maulana Shahabuddin stated, “The Waqf Amendment Bill poses no threat to religious sites. Mosques, madrasas, Eidgahs, cemeteries, and shrines will remain unaffected. The government will not interfere with these religious institutions in any way.”

He further cautioned the Muslim community against falling prey to misleading political narratives, urging them not to be swayed by political figures seeking to exploit the situation for their own gain.

“Some politicians are misleading Muslims for their own interests. I appeal to the Muslim community to not fall for their provocations,” he added.

In the early hours of Friday, the Rajya Sabha approved the Waqf (Amendment) Bill, 2025, with a majority of 128 votes against 95, following a heated debate. The Bill had been passed in the Lok Sabha just a day earlier, after nearly 12 hours of intense discussions.

Drawing a parallel to the Citizenship Amendment Act (CAA) controversy, Maulana Shahabuddin recalled how political leaders misled the Muslim community, causing unwarranted fear that Muslims would lose their citizenship.

“When the CAA law was introduced, Muslims were misled into believing that their citizenship would be revoked. However, after its implementation, it became clear that no Muslim in India lost their citizenship, and instead, many were granted citizenship,” he stated.

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