Eredene invests $11.1m in port operator

UK-based infrastructure investor Eredene Capital has invested $11.1 million in Indian port operator Ocean Sparkle Limited (OSL) through a wholly owned subsidiary, the firm said in a statement.

Eredene: targeting India ports

The investment buys Eredene an 8.22 percent equity stake in OSL, a provider of various port services such as harbour towage, pilotage, emergency response, fire, safety and pollution control and mooring. The company also operates a fleet of 82 vessels in 18 ports across India. 

London-listed Eredene originated as a real estate fund focused on the Indian market. It changed its focus to port-related infrastructure in 2006 after it hired a team of P&O Ports professionals who had been laid off as a result of DP World’s $6.8 billion acquisition of the container terminal operator.

Just last month, the firm was part of a consortium that won a £207 million (€247.4million; $313.7 million) bid to build and operate the container terminal at Ennore Port in Southern India. In August last year, the firm raised £7.1 million through a placement of new ordinary shares that was used to seed a new infrastructure fund focused on ports and ports services.

Eredene Capital raised £57 million in its IPO in February 2005 and targets investments between $15 million and $50 million in logistics, distribution, ports and related services and real estate.

Eredene Capital is listed on the London Stock Exchange’s Alternative Investment Market (AIM). Eredene shares were trading at £20.25 at the time of writing.