India's Adani Ports and Special Economic Zone (APSEZ) has successfully completed the acquisition of 100 per cent interest in North Queensland Export Terminal (NQXT) in Australia pursuant to completion of all condition precedents, including approvals from "majority of minority" shareholders, Reserve Bank of India, and Foreign Investment Review Board of Australia amongst others.
APSEZ has allotted 14,38,20,153 equity shares of face value INR2 (US$0.02) each to the seller, Carmichael Rail and Port Singapore Holdings on a preferential basis.
"NQXT is an excellent asset with distinct geographical advantages, strong growth prospects, and an enviable sustainability track record," said Ashwani Gupta, Whole-time Director and CEO of APSEZ. "NQXT will enhance our presence along the east-west trade corridor along with our other international ports in Israel, Colombo and Tanzania."
NQXT is a natural deep-water, multi-user export terminal with a name plate capacity of 50 million tonnes per annum. APSEZ said the terminal is under a long-term lease from the Queensland Government and is a critical infrastructure asset supporting Australia’s significant resource industry.
Located in the Port of Abbot Point in North Queensland, NQXT primarily serves mining customers that are operating in the Bowen and Galilee basins and exports largely to markets in North and Southeast Asia.
NQXT has a long remaining lease file of 85 years, with its lease set to expire in year 2110.
