Adani Ports signs pact to acquire Abbot Point Bulkcoal

India Infoline News Service | Mumbai | September 20, 201614:52 IST

Under the said agreement, APO acquires 100% of shares in APB from Glencore Coal Queensland Pty upon receiving certain approvals.

Adani Ports and Special Economic Zone
Abbot Point Operations Pty Ltd (APO), an Australian subsidiary of Adani Ports and Special Economic Zone Limited has entered into an agreement to acquire ownership of Abbot Point Bulkcoal Pty Ltd (APB), an Australian registered company performing the operations and maintenance activities of Abbot Point Coal Terminal in Queensland, Australia. Under the said agreement, APO acquires 100% of shares in APB from Glencore Coal Queensland Pty Limited upon receiving certain approvals.

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 APB under an Operations and Maintenance Agreement with Adani Abbot Point Terminal Pty Ltd (AAPT).  The acquisition cost is AUD 1 plus closing adjustments for the 100% shares and AUD 19.25 m for  the operational rights.

The acquisition of APB gives APSEZ an access to opera te 50 mmtpa capacity in a developed economy on a cost plus basis with no capital investment. APO would operate as a stand-alone entity from AAPT and Adani Mining.

Karan Adani CEO, APSEZ said ""This acquisition is a testimony of Adani Ports' 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 terminals."

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