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Eredene Capital buys into Ocean Sparkle

Eredene Capital buys into Ocean Sparkle
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First Published: Fri, Jul 09 2010. 12 24 AM IST
Updated: Fri, Jul 09 2010. 12 24 AM IST
Bangalore: Eredene Capital Plc., a specialist Indian infrastructure fund, has bought an 8.22% stake for $11.1 million (Rs52 crore) in unlisted Hyderabad-based port operations and marine services company Ocean Sparkle Ltd.
Eredene has bought the stake from Swiss Technology Venture Capital Fund Pvt. Ltd, which is nearing the end of its fund life, it said in a statement on Thursday.
Ocean Sparkle provides support services to incoming and departing ships, such as pilotage, anchoring and berthing, and undertakes dredging contracts. It owns and manages a fleet of 82 vessels.
“Port services is one of the key areas where we have developed strong local partnerships. We see Indian ports and related port services as a continuing strong growth story,” Alastair King, founder and chief executive of Eredene, said in the statement.
Eredene has so far invested £51 million (Rs360 crore) in nine projects such as container handling, warehousing and transportation across India.
p.manoj@livemint.com
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First Published: Fri, Jul 09 2010. 12 24 AM IST