IFC to invest $11.5 mn in Sparkle Port Services

International Finance Corporation (IFC) would invest $11.5 million in Sparkle Port Services Ltd (SPSL), a 100 per cent subsidiary of Ocean Sparkle Ltd (OSL). The total project cost is approximately $31.5 million for the acquisition of the tugboats and marine craft.

SPSL is a provider of port management services and has been awarded a 17-year contract by Petronet LNG Ltd to provide services at Petronet’s upcoming LNG terminal at Kochi.

Ocean Sparkle has been providing port management services at the Dahej terminal of Petronet since 2004 (via a group company, Sealion Sparkle). Hyderabad-headquarterd OSL was incorporated in 1995 and, along with its joint venture companies, has a fleet of 81 vessels operating in 22 locations in India.