APSEZ Strengthens Asia-Pacific Presence with NQXT Acquisition

Adani Ports and Special Economic Zone Limited completed the acquisition of the North Queensland Export Terminal in Australia to enhance its Asia-Pacific presence. This move is part of a $2.4 billion non-cash deal involving equity share issuance. The acquisition aligns with APSEZ's strategy to grow its cargo volume significantly by 2030.

Adani Ports and Special Economic Zone Limited (APSEZ) has fortified its foothold in the Asia-Pacific region by acquiring the North Queensland Export Terminal (NQXT) in Australia. The transaction, valued at $2.4 billion, involves a non-cash agreement where APSEZ will issue over 14 crore new equity shares.

This strategic acquisition was sanctioned by APSEZ's board in April, enabling a full takeover of Abbot Point Port Holdings Pte Ltd from Carmichael Rail and Port Singapore Holdings Pte Ltd. Completion of the deal was contingent on securing necessary approvals from stakeholders, including minority shareholders and regulatory bodies in India and Australia.

APSEZ's CEO, Ashwani Gupta, highlighted the acquisition as a pivotal advancement in their mission to manage 1 billion metric tonnes of cargo by 2030. The terminal will complement APSEZ's existing international ports, broadening its reach along the East-West trade corridor. Notably, NQXT's contracted capacity and financial performance are set to bolster APSEZ's revenue and growth prospects.

(With inputs from agencies.)