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| This Summary of Project Information is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. |
Summary of Project Information (SPI) |
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| Project number | 20630 |
| Project name | Ocean Sparkle |
| Country | India |
| Sector | Transportation And Warehousing |
| Department | Infrastructure |
| Company name | Ocean Sparkle Limited |
| Environmental category | B |
| Date SPI disclosed | August 15, 2003 |
| Projected board date | September 15, 2003 |
| Status | Dropped |
| Previous Events | Approved: March 4, 2004 |
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| Project sponsor and major shareholders of project company |
Ocean Sparkle Limited’s principal sponsors (45%) are four first generation entrepreneurs, Messrs P. Jairaj Kumar, Sanjeev Dhawan, A.K. Sawhney and R.Virender Prasad, and two local Indian venture capital funds, APIDC-Venture Capital Ltd (22%) and IFCI Venture Funds Ltd (10%). Other shareholders include Swiss Technology Venture Capital Fund Ltd (10%), the Swiss Government promoted venture fund, Maritime OSL Investment Ltd (9%), a private company incorporated in Mauritius by a group of non-resident Indians, and two nominees of Comcraft Asia Pacific Pte Ltd (an NRI business group in Singapore) i.e. M/s Rakesh Aggarwal and Sudesh Iyer together holding (4%).
The project sponsors for Sealion Sparkle Maritime Services Limited and Sealion Sparkle Port Terminal Services (Dahej) Limited are Ocean Sparkle Limited (51% and 49% respectively) and PSA Marine (Pte) Ltd (49% and 51% respectively), a world leader in port management and marine services and a 100% subsidiary of PSA (Port of Singapore Authority) Corporation. |
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| Total project cost and proposed IFC investment |
| Total project cost is estimated at $35 million (inclusive of OSL and its subsidiaries). The proposed IFC investment is an A loan of $3 million for IFC’s own account and an equity investment of $2 million in OSL, as well as an A loan of $5 million for IFC’s own account in Sealion Sparkle Port Terminal Services (Dahej) Limited. |
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| Location of project and description of site |
| Ocean Sparkle Limited is headquartered in Hyderabad, India, and currently provides port management services to various major, minor, or captive ports on both coasts of India, in addition to having a small presence in Nigeria. Sealion Sparkle Port Terminal Services (Dahej) Limited will service the Petronet LNG terminal located in Dahej, Gujarat State, India. |
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| Description of company and purpose of project |
Ocean Sparkle Limited (OSL or the company) is a leading private provider of tugs and comprehensive port management services, such as pilotage, mooring, ship-to-ship transfer of cargo and control tower operations, to various ports in India.
The purpose of the project is to provide Ocean Sparkle Limited with the necessary financing to expand its business operations, as well as undertake investments in two new joint venture companies, Sealion Sparkle Maritime Services Limited and Sealion Sparkle Port Terminal Services (Dahej) Limited, both established jointly with the PSA Marine (Pte) Ltd to service respectively the Ennore Port and the Petronet LNG terminal at Dahej. |
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| Environmental and social issues - Category B |
This is an environmental and social review category B project, as much of the company’s activities are primarily controlled by international maritime requirements and regulations, including the International Regulation for Prevention of Marine Pollution (MARPOL), Safety of Life at Sea (SOLAS), and the International Maritime Organization (IMO). Issues identified include:
- past environmental performance of the company and environmental management systems;
- vessels’ inspection and certification status;
- environmental performance of shore-based support facilities for the operation of maintenance of the vessels;
- marine-based oil and chemical recovery and spill containment and cleanup plans, procedures and operations;
- petroleum product and chemical storage and handling practices;
- shipboard liquid, solid and hazardous waste disposal;
- maintenance dredging and dredge spoil disposal; and
- occupational health, safety and training programs.
To view the environmental documents for this project, click here
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| Location of environmental documents in locally affected community |
Ocean Sparkle Limited
1st Floor, 128, Srinagar Colony,
Hyderabad- 500 073
India |
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| To contact the project company, please write to: |
Mr. P. Jairaj Kumar, Managing Director
Ocean Sparkle Limited
1st Floor, 128, Srinagar Colony,
Hyderabad- 500 073
India
E-mail: oslhyd@oceansparkle.com
Fax: 9140 2374 8752 |
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