Abbot Point Operations Pty Ltd (APO), an Australian subsidiary of Adani Ports and Special Economic Zone Ltd (APSEZ), announced an agreement on Tuesday to acquire 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 agreement, APO will acquire 100 per cent of shares in APB from Glencore Coal Queensland Pty Ltd upon receiving certain approvals, a company spokesperson said here.
Abbot Point currently has one operating terminal named Adani Abbot Point Terminal, which has firm take or pay contract for 50 million tonnes per annum (mtpa) of cargo. The terminal was acquired by the Adani Group by way of a 99-year lease from the Queensland government on June 1, 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 A$1 plus closing adjustments for the 100 per cent shares and A$19.25 million (approximately ₹97.5 crore) for the operational rights.
Standalone entity “The acquisition of APB gives APSEZ access to operate 50 mtpa 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,” said a company statement.
APSEZ CEO Karan Adani 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.”