Adani Ports inks pact to acquire Australia's APB
Adani Ports and Special Economic Zone (APSEZ) today said its arm APO has inked a pact to acquire Australian firm APB, which operates and maintains Abbot Point Coal Terminal in Queensland, for an estimated AUD 19.25 million (about Rs 97.5 crore).
"Abbot Point Operations Pty Ltd (APO), an Australian subsidiary of APSEZ has entered into an agreement to acquire ownership of Abbot Point Bulkcoal Pty Ltd (APB), an Australian registered company performing the operations and maintenance activities of Abbot Point Coal Terminal in Queensland, Australia," the company said in a statement here.
Under the said agreement, APO will acquire 100 per cent of shares in APB from Glencore Coal Queensland Pty Limited upon receiving certain approvals.
"The acquisition cost is AUD 1 plus closing adjustments for the 100 per cent shares and AUD 19.25 million for the operational rights," the statement said.
Abbot Point has currently one operating terminal named Adani Abbot Point Terminal having firm take or pay contract for 50 million tonne per annum (MTPA) cargo.
The terminal was acquired by the Adani Group by way of a 99 year lease from the Queensland Government on June 1, 2011.