Eredene Capital to dilute stake in Ocean Sparkle

The company has appointed Indian investment bank MAPE to handle the stake sale

Eredene Capital PLC, the AIM quoted investor in Indian infrastructure, will dilute its stake in Ocean Sparkle Limited. The company has appointed Indian investment bank MAPE to handle the sale of its  stake.

Eredene holds 6.65 per cent in OSL, purchased in 2010 for £7.3million. The projected sale is part of Eredene's strategy to realise all of its investments in India and to return capital to shareholders.

Privately-owned and Hyderabad-based OSL generated a total income of Rs 339.4 crore (£41.1m) and pre-tax profits of Rs 56.3 crore (£6.8m) for the year ended March 31, 2012.

OSL operates India’s largest fleet of harbour tugs with a presence in most of the leading ports, including JNPT in Mumbai, Pipavav, Gujarat, Ennore Port, Tamil Nadu, Reliance Port and Terminals Limited, Gujarat, and Cochin port, Kerala. It has three joint ventures with the Port of Singapore Authority in India and has international operations in Oman and Sri Lanka, a release stated.