Billionaire Gautam Adani will transfer ownership of an Australian terminal to his listed company at an enterprise value of about US$2.5 billion as India’s largest port operator seeks to expand its global footprint.
The board of Adani Ports & Special Economic Zone on Thursday (Apr 17) approved the acquisition of Abbot Point Port Holdings from Carmichael Rail and Port Singapore Holdings by issuing 143.8 million shares. Abbot holds the entities which own and operate the North Queensland Export Terminal, or NQXT.
The deal will help Adani Ports achieve an annual capacity target of one billion tonnes by 2030, the company said.
“NQXT’s acquisition is a pivotal step in our international strategy, opening new export markets and securing long term contracts,” Ashwani Gupta, chief executive officer at Adani Ports said. “We are targeting operating profit growing to A$400 million (S$335 million) in four years.”