Indian businessman Gautam Adani is going to transfer ownership of an Australian port terminal to his listed company, Adani Ports, in a deal worth about $2.4 billion. This comes amidst Adani Ports’ attempt to expand its global footprint.
Notably, the port in question, North Queensland Export Terminal, is a critical export gateway for producers in resource rich Queensland state of Australia. The current capacity of the port is 50 MMTPA (Million Metric Tonnes Per Annum).
Adani Ports and SEZ Ltd is India’s biggest private port operator. The company’s board approved the acquisition of Abbot Point Port Holdings Pte Ltd (APPH), Singapore, from Carmichael Rail and Port Singapore Holdings Pte Ltd, Singapore (CRPSHPL)
With Adani Ports coming into the picture, the profts for the port in Queensland are expected to grow multiple folds.
Situated within the Port of Abbot Point, about 25 kilometers north of the town of Bowen on Queensland’s east coast, the deep-water coal terminal has a nameplate capacity of 50 million tons per year. More than 30 million tons of thermal and metallurgical coal are exported annually through the terminal, which is owned by the Queensland government and leased by North Queensland Export Terminal Pty under a 99-year lease.
