Ocean Sparkle’s principal sponsors are four first generation entrepreneurs, Messrs P. Jairaj Kumar, Sanjeev Dhawan, A.K. Sawhney and R.Virender Prasad. Other shareholders include three venture capital funds (APIDC-Venture Capital Ltd., IFCI Venture Funds Ltd. and Swiss Technology Venture Capital Fund Ltd.), and a group of non-resident Indians.

The total project cost is approximately $66 million over FY2007-2009. The proposed IFC investment is a long-term credit line of up to $25 million.

25.44 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	25.44
Equity

* These investment figures are indicative

Ocean Sparkle is headquartered in Hyderabad, India, and currently provides port management services to various major, minor, or captive ports on both coasts of India. The project will expand its existing activities as well as establish new operations at other locations along the Indian coasts.

The project will support the continued expansion of a low-cost provider of port management services. As such, the project will provide benefits to port operators and port authorities, who can focus on core activities rather than the allied services that can be more efficiently provided by Ocean Sparkle. The project will also generate additional employment opportunities at the new locations to be serviced as part of the expansion.

- Provision of long-term fixed rate local currency financing (matching with Ocean Sparkle’s revenue streams), which is generally currently not available locally;
- Support for a well-run mid-tier company in its continued expansion;
- Assistance in strengthening the company’s environmental, health and social systems.

This is a Category B project because a limited number of specific environmental and social impacts may result which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria.

Mitigation measures can be readily designed and any adverse impacts:

- are not likely to be diverse;
- are not likely to be irreversible;
- most likely will be limited to project site; and
- not likely to impact environmentally sensitive areas.

The key social, environmental, health and safety impacts associated with the project include:

- Environmental, Health and Safety Management Systems;
- Labor working conditions, including occupational health and safety;
- Vessel safety and pollution control; and
- Oil/chemical spill containment and recovery.

Ocean Sparkle has presented plans to address these impacts to ensure that the proposed project will, upon implementation of the specific agreed measures, comply with relevant environmental, health and safety and social requirements, including:

- International maritime standards under MARPOL, SOLAS, and IMO;
- Indian Merchant Shipping Rules and environmental, health and safety laws; and
- The IFC Social and Environmental Performance Standards.

A discussion on the company’s plans to mitigate/minimize identified environmental and social impacts has been provided in the Environmental and Social Review Summary (ESRS) and an Environmental and Social Action Plan (ESAP). The company has publicly disclosed the ESRS and the ESAP in a manner and at locations specified later in this document.