AHMEDABAD: Mundra Port and SEZ , a Adani Group firm, today announced it has completed the acquisition of Australia's Abbot Point Port Coal Terminal (APPCT) for AUD 1.829 bn (Rs 8,900 crore) in an all-cash deal.
The deal, completed in a record 28 days period, marks one of the largest outbound acquisitions by any Indian company overseas in the last fiscal.
"The acquisition of APPCT has been completed today. We have paid the entire amount of AUD 1.829 bn to the Queensland treasury and have taken over the ownership and operations of the port," MPSEZL Chief Financial Officer B Ravi told reporters here.
"The port has been re-christened Adani Abbot Port Coal Terminal (AAPCT) Pty. Our directors have joined the board of the new company and a team is in place there and has started to operate the port from today," he said.
The Ahmedabad-based Group, after being declared a successful bidder by the State of Queensland, Australia , had signed a sale and purchase agreement in Brisbane for the port on May 3.
The short-term acquisition financing for the project has been done by the State Bank of India (SBI) and Standard Chartered bank, Ravi said.
"The short-term funding will be replaced with an assest-based financing (long-term) for which we have $ 1.5 bn worth assets in the new company (AAPCT Pty).
"We can go in for long-term asset-based debt of up to $ 1.3 bn based on the assets of AAPCT. Secondly, there would be MPSEZL-level debt either through convertible bonds or some other financial instrument which is yet to be decided," he said.
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