(Reuters) -Adani Ports, India’s largest private port operator, said on Thursday it will buy an Australian deep-water coal export facility for an enterprise value of about A$3.98 billion ($2.54 billion), as it aims to grow its global presence.
As a part of the deal, Adani Port will issue 143.8 million shares to Carmichael Rail and Port Singapore Holdings to buy Abbot Point Port Holdings, which owns and operates the North Queensland Export Terminal, the port operator said.
North Queensland Export Terminal, which is a deep-water coal export terminal with a capacity of 50 million tonnes per annum, was purchased by Adani Ports in 2011 before it was sold to the Adani family in 2013 in a $2 billion deal.
As part of the deal, Adani Ports will also assume other non-core assets and liabilities on Abbot Point Port’s balance sheet, which the company will realize within a few months of the deal, it added.
The terminal, which is located on Australia’s east coast, is well-positioned for strong growth, supported by rising capacity, medium-term contract renewals, and future opportunities in green hydrogen exports, Adani Ports CEO Ashwani Gupta said.
The company aims to take the port’s EBITDA growth to A$400 million within four years, Gupta said.
($1 = 1.5684 Australian dollars)
(Reporting by Shivani Tanna in Bengaluru; Editing by Shailesh Kuber)
