India’s largest private ports and logistics company, Adani Ports and Special Economic Zone (APSEZ), has acquired the North Queensland Export Terminal (NQXT) in Australia in a non-cash deal worth about $2.54bn.
The transaction involves the purchase of Abbot Point Port Holdings (APPH), a Singapore-based entity currently owned by Carmichael Rail and Port Singapore holdings, which is a related party and owns and operates the NQXT deepwater coal export facility.
The terminal, with a nameplate capacity of 50 mtpa, is located at the Port of Abbot Point, some 25 km north of Bowen, in North Queensland on Australia’s east coast.
It is under a long-term lease from the Queensland Government and currently supports eight major customers through long-term “take or pay” contracts and exports to 15 countries, with 88% of shipments going to Asia.
Ashwani Gupta, CEO of APSEZ, said the acquisition is a “pivotal step” in the group’s international strategy, opening new export markets and securing long-term contracts, adding that the terminal is well-positioned for strong growth, backed by increased capacity, upcoming contract renewals, and future opportunities in green hydrogen exports.
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 realise within a few months of the deal and aims to take the port’s EBITDA growth to A$400m within four years.
