Adani Ports and Special Economic Zone Ltd. (APSEZ), India’s biggest private port operator, announced on Thursday a USD 2.4 billion non-cash acquisition of a coal export terminal in Australia from a group company. As part of a non-cash transaction, APSEZ will issue 14.38 crore equity shares under preferential allotment route to the seller (a related party), which will result in a net increase of 2.13% in promoter group holding.
The transaction is subject to requisite approvals, including from the Reserve Bank of India (RBI), shareholders and the Foreign Investment Review Board of Australia, and is expected to close in two quarters.
APSEZ board said that it approved the acquisition of Abbot Point Port Holdings Pte Ltd (APPH), Singapore, from Carmichael Rail and Port Singapore Holdings Pte Ltd, Singapore (CRPSHPL). CRPSHPL is a related party.
APPH holds the entities which own and operate the North Queensland Export Terminal (NQXT), a dedicated export terminal with a current nameplate capacity of 50 million tonnes per annum. APSEZ had originally acquired the NQXT for USD 2 billion in 2011. Two years later, in 2013, the Adani family purchased the asset from APSEZ for the same amount, along with the capital invested, enabling the company to concentrate on expanding its domestic operations.
