Adani Group completes acquisition of Oz port

Adani Group firm Mundra Port and Special Economic Zone today said it has completed the acquisition of Abbot Point Port in Australia for A$1.8 billion (Rs 9,000 crore).

The name of the company has been changed to Adani Abbot Point Terminal Pty Ltd, an official statement said.

The management team from Mundra is in place and has taken over ownership and oversight of the operations of APCT effective from June 1, 2011. The company's nominated directors have come on the board of the target company, it said.
    
Mundra Port announced on May 3 that it had signed a Sale and Purchase Agreement in respect of the Abbot Point X 50 Coal Terminal (APCT) following the international competitive bidding process conducted by the state of Queensland in Australia.
    
Queensland is selling the coal export terminal as part of a 15 billion Australian dollars asset sale programme. It will use the money for reconstruction following the devastation caused by floods and a cyclone in the region.
    
The port has two mechanised berths. MPSEZ aims to build another two in the next five years. It has a capacity of 50 million tonne. It is using 20 million tonne at present.
    
Adani plans to fund the deal through debt and the sale of some equity in MPSEZ.
    
The company expects revenues from port operations to nearly triple to A$305 million (Rs 1,470 crore) by 2016 from A$110 million (Rs 530 crore) in 2011.