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.