Standard Chartered PE invests Rs. 200 cr in Ocean Sparkle

New Delhi: Standard Chartered Private Equity (SCPE) today said it has invested Rs. 200 crore in Ocean Sparkle Limited (OSL), a port operations and management services company.

SCPE has invested Rs. 200 crore for a minority stake via primary and secondary investments in OSL and part of the funding from SCPE will help finance OSL's capital expenditure plans, a company statement said. "We feel privileged to partner with Standard Chartered Private Equity in our endeavour to accelerate our growth in various marine services across ports in India," Ocean Sparkle chairman and managing director P Jairaj Kumar said.

As part of the SCPE investment, Rahul Raisurana, Managing Director, Standard Chartered Private Equity is joining OSL's board of directors.

"We are delighted to invest in Ocean Sparkle Limited. The country’s growing economy and growth in maritime traffic will provide a strong impetus for the growth of port infrastructure over the next decade," managing director of Standard Chartered Private Equity Rahul Raisurana said.

MAPE Advisory Group acted as the transaction advisor for the fund raise. Founded in 1995 by marine technocrats, OSL currently serves most of the key ports across India’s coastline and has the largest tug fleet in the country. It also has pre-qualifications to operate in over 5 countries and presently has operations in Oman and Sri Lanka.