Adani Ports acquires Australian port operator APB from Glencore
It said in a statement, Abbot Point Operations (APO), an Australian subsidiary of APSEZ, has entered into an agreement to acquire ownership of APB, an Australian registered company performing the operations and maintenance activities of Abbot Point Coal Terminal in Queensland, Austrailia.
In a move to enhance its operational foothold – Adani Ports & Special Economic Zone (APSEZ) today, announced that it has signed an agreement to acquire a company conducting ports operations – Abbot Point Bulkcoal (APB).
It said in a statement, Abbot Point Operations (APO), an Australian subsidiary of APSEZ, has entered into an agreement to acquire ownership of APB, an Australian registered company performing the operations and maintenance activities of Abbot Point Coal Terminal in Queensland, Austrailia.”
Under the agreement, APO will acuire 100% shares of APB from Glencore Coal Queensland Private Limited upon receiving certain approvals.
The acquisition cost is AUD 1 also adding closing adjustments for the 100% shares and AUD 19.25 million for the operational rights.
Karan Adani CEO of APSEZ said,This acquisition is a testimony of Adani Ports' experience and expertise in operating ports at global benchmarks. This also gives us a strategic foothold enhancing our experience of handling world-class fully automated terminals.”
This move of APB gies ASPEZ an access to operate 50 mmtpa capacity in a developed economy on a cost plus basis with no capital investment.
APO would operate as a stand-alone entity from AAPT and Adani Mining.
Following the announcement, shares of Adani Ports closed at Rs 270.15, down by 2.16%.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.