Adani Ports Gets Nod From Promoters For Acquisition Of Abbot Point

Adani Ports and Special Economic Zone Ltd. received approval from promoters to acquire Abbot Point Port Holdings Pte. Ltd. from Carmichael Rail and Port Singapore Holdings Pte. Ltd, according to an exchange filing on Thursday.

Abbot Point is the operator of Australia's North Queensland Export Terminal, or NQXT, whose current capacity stands at 50 million tonnes per annum. The terminal serves as a key gateway for the resource-rich region of Queensland in Australia.

The promoters have approved an issue of 14.38 crore shares to Carmichael Rail on a preferential basis for consideration other than cash.

Adani Ports, in a release last month, said the transaction will fast track the company's journey to "handle 1 billion tonnes per annum by 2030", the release added.

"NQXT’s acquisition is a pivotal step in our international strategy, opening new export markets and securing long-term contracts with valued users. Strategically located on the East-West trade corridor, NQXT is poised for robust growth as a high-performing asset, driven by increased capacity, upcoming contract renewals in the medium term, and the potential for green hydrogen exports in the long term,” Adani Ports Chief Executive Officer Ashwani Gupta was stated as saying in the release issued on April 17.

On Thursday, Adani Ports' stock closed 2.51% higher at Rs 1,406.2 apiece on the NSE, compared to a 1.6% advance in the benchmark Nifty 50.

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