Billionaire Gautam Adani Selling Australian Port Operations To His Company In Deal Valued At $2.6 Billion.

Billionaire Gautam Adani is transferring ownership of an Australian terminal operation to his listed Adani Ports & Special Economic Zone in a deal valued at A$4 billion ($2.6 billion) as the Indian port giant expands its global footprint.

Adani Ports said in a statement late Thursday its board approved the acquisition of Abbot Point Port Holdings, an indirect unit of Adani Enterprises that owns port operator North Queensland Export Terminal (NQXT). The transaction will be completed on a non-cash basis via the issuance of 143.8 million Adani Port shares to Abbot Point, a company controlled by the Indian tycoon’s Adani Enterprises.

“NQXT’s acquisition is a pivotal step in our international strategy, opening new export markets and securing long term contracts,” Ashwani Gupta, CEO of Adani Ports said in the statement.

Adani Ports is India’s largest integrated ports and logistics company, operating across 13 ports in the country. The company has also been expanding overseas in recent years and now has operations in Israel, Sri Lanka and Tanzania.

Located within the Port of Abbot Point in Queensland’s east coast, Adani Ports’ latest acquisition is a deep-water coal terminal can handle up to 50 million tons per year. The facility is owned by the Queensland government and operated by NXQT under a 99-year leasehold that expires in 2110.

Source: Forbes