Adani Group acquires Australian port for $2 billion

The Adani Group-owned Mundra Port and Special Economic Zone Ltd (MPSEZL) today announced $2 billion acquisition, on lease of 99 years, of Abbot Point Port in Queensland, Australia, marking the beginning of company's business expansion outside India.
   
Talking to media persons here, chief financial officer of MPSEZL B Ravi said that the size of balance sheet of the company would be doubled after the acquisition.
   
"We have acquired 100% stake in Abbot Point Port," he said.
   
"This an all cash deal duly funded by an acquisition debt. The assets base at Abbot Port allows us to have a take out finance at the assets level very soon," Ravi said.
   
The deal was signed in Brisbane, Australia between the company officials and the Queensland government this morning, he said, adding that they have also intimated the Bombay Stock Exchange (BSE) about the new development as per rules.
   
The port known as Abbot Point X50 Coal Terminal (APCT), was mostly coal export port in Queensland and is owned by North Queensland Bulk Port Corporation Limited (NQBP).
   
"The sale of ACPT is through 99-year-lease of existing coal terminal facilities and associated infrastructure. It presently has two berths capable of handling cape-size vessel of over two lakh tonnes dead weight with annual installed capacity to load 50 million tonnes," Ravi said, adding that takeover would be completed by June 1.