Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest private port operator, has announced a $2.4-billion non-cash deal to acquire the North Queensland Export Terminal (NQXT) in Australia, as Adani seeks to jumpstart its global expansion plans.
Adani ports CEO Ashwani Gupta described as “pivotal” the transaction, which involves the issuance of 14.38 crore equity shares to Carmichael Rail and Port Singapore Holdings Pte Ltd (CRPSHPL), a related entity controlled by the Adani family. The share-swap deal values NQXT at around A$3.975 billion and includes the assumption of certain non-core assets and liabilities, with no net impact on the valuation, according to a Reuters report.
NQXT is a deep-water, multi-user coal export terminal with a capacity of 50 million tonnes per annum (MTPA). The facility operates under a long-term lease from the Queensland Government and serves eight major customers through “take or pay” contracts, exporting coal to 15 countries, predominantly in Asia, The Times of India reports.
APSEZ had originally acquired NQXT in 2011 for $2 billion but sold it to the Adani family in 2013 to focus on domestic operations. The reacquisition aligns with APSEZ’s strategy to strengthen its international presence and capitalize on the terminal’s strategic location and robust operational performance.
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In the fiscal year 2025, NQXT handled a record 35 million metric tonnes (MMT) of cargo, generating A$349 million in revenue and posting an EBITDA of A$228 million. APSEZ aims to increase EBITDA to A$400 million within four years by leveraging growing capacity, contract renewals, and potential green hydrogen exports.
The deal is subject to approval from the Reserve Bank of India, shareholders, and Australia’s Foreign Investment Review Board, with completion expected within two quarters.
Last year, Adani group shares were hammered after short-seller Hindenburg Research published a damning report alleging that Adani Group was involved in “brazen stock manipulation” and “an accounting fraud scheme over the course of decades”. With the dust settling on that scandal, year-to-date, APSEZ is up 3.47%.
By Charles Kennedy for Oilprice.com
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