Adani Ports and Special Economic Zone said it will acquire the company operating the Abbot Point Coal Terminal in Queensland for 19.25 mln Australian dollar (Rs 97 cr).
Abbot Point has currently one operating terminal named Adani Abbot Point Terminal having firm take or pay contract for 50 mmtpa cargo. The terminal was acquired by the Adani Group by way of a 99 year lease from the Queensland Government on 1 June 2011. Since inception, the Terminal has been operated by Abbot Point Bulkcoal under an operations and maintenance agreement with Adani Abbot Point Terminal Pty Ltd (AAPT).
Under the agreement, Abbot Point Operations acquires 100% of shares in Abbot Point Bulkcoal from Glencore Coal Queensland Pty Limited upon receiving certain approvals.
The acquisition of APB gives APSEZ an access to operate 50 mmtpa capacity in a developed economy on a cost plus basis with no capital investment, APO would operate as a standalone entity from AAPT and Adani Mining, the Indian company said.
Karan Adani, CEO, APSEZ said “This acquisition is a testimony of Adani Port´s experience and expertise in operating ports at global benchmarks. This also gives us a strategic foothold enhancing our experience of handling world class fully automated terrirass.”
The Adani Group, founded in 1988, is one of India’s largest business houses with revenue of over $10n billion.
It focuses on infrastructure, resources, logistics, energy and agro.