Our Bureau
Mumbai
Adani Ports, India’s largest private port operator, has announced its acquisition of the North Queensland Export Terminal in Australia for $2.5 billion. The deal, structured as a non-cash transaction, involves Adani Ports issuing 143.8 mn shares to Carmichael Rail and Port Singapore Holdings in exchange for Abbot Point Port Holdings, the entity that owns and operates the terminal.
The North Queensland Export Terminal, located on Australia’s east coast, is a deep-water coal export facility with a capacity of 50 million tonnes per year. Adani Ports originally acquired the terminal in 2011 and later transferred it to the Adani family in 2013 for $2 billion.
Adani Ports anticipates completing the acquisition within the next few months. As part of the agreement, the company will also assume several non-core assets and liabilities from Abbot Point Port’s financial records.
Ashwani Gupta, CEO of Adani Ports, highlighted the strategic importance of the acquisition, noting the terminal’s potential for significant growth due to increasing capacity, upcoming contract renewals, and opportunities in green hydrogen exports. The company aims to increase the port’s EBITDA to A$400 million over the next four years.
