British PE Firm Eredene to exit Hyderabad-based Ocean Sparkle

MUMBAI: British private equity major Eredene Capital has decided to offload its 6.65% stake in Hyderabad-based Ocean Sparkle Ltd (OSL) and has appointed MAPE Advisory to supervise the stake sale.

This is the third exit for the PE major from the India infrastructure sector. It had earlier exited a consortium which had won the rights to develop a container terminal at Ennore Port and later sold its stake in Gopi Resorts Pvt Ltd and Matheran Realty Pvt Ltd for 58 crore.

Ocean Sparkle is amongst the country's leading port and marine services company and has presence in most of India's leading ports, including Jawaharlal Nehru Port Trust in Mumbai, Pipavav Port in Gujarat and Ennore Port in Tamil Nadu.

Eredene bought the stake in OSL in 2010 for £7.3 million, and the projected sale is part of Eredene's strategy to realise all its investments in India and return capital to shareholders, the company said in a statement.

Ocean Sparkle posted total income of 339.4 crore in 2012.