Adani Ports agrees to buy Abbot Point Bulkcoal

MUMBAI: Adani Ports and Special Economic Zone's( APSEZ) Australian unit has agreed to buy Abbot Point Bulkcoal (APB), a company that operates Abbot Point Coal Terminal in Queensland.

Under the agreement, Abbot Point Operations (APO) acquires 100% of shares in APB from Glencore Coal Queensland upon receiving certain approvals.

Abbot Point has currently one operating terminal named Adani Abbot Point Terminal having firm take or pay contract for 50 million metric tons of cargo anually.

The terminal was acquired by the Adani Group by way of a 99 year lease from the Queensland Government on 1 June 2011.

"The acquisition of APB gives APSEZ 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," the company said in a release.