International Finance Corporation (IFC) is looking to provide $11.5 million loan to Sparkle Port Services Ltd, a 100 per cent subsidiary of the port management services provider Ocean Sparkle Ltd. The World Bank arm is looking to provide the loan, which will have a total tenor of 12 years.
Ocean Sparkle is backed by private equity firms like India Equity Partners and Eredene Capital Plc.
Sparkle Port Services has been awarded a 17-year contract by Petronet LNG Ltd, to provide services at its upcoming LNG terminal at Kochi. Sparkle Port has a capex of $31.5 million for the project, primarily for the acquisition of the tugboats and marine craft.
Petronet is currently operating an LNG plant at Dahej in western India. Ocean Sparkle has been providing port management services at the Dahej terminal since 2004, through its group company Sealion Sparkle.
Ocean Sparkle provides services such as harbour towage, mooring, pilotage, ship-to-ship transfer of cargo and control tower operations. Incorporated in 1995, Ocean Sparkle and its joint venture companies have a total fleet of 81 vessels operating across 22 locations in India.
The privately owned, Hyderabad-based Ocean generated revenues of $65 million for the year ended March, 2011, with a profit before tax of $12.2 million.