Adani to sell Oz terminal to his port co for $2 billion

Gautam Adani plans to transfer ownership of an Australian port terminal to Adani Ports for $2 billion through a preferential share issuance. Carmichael Rail and Port Singapore Holdings will acquire a 6.2% stake, increasing the promoter shareholding in Adani Ports to 68%. The North Queensland Export Terminal, with a 50 million tonne capacity, offers potential for future green hydrogen exports.

Representative Image (Danny generated IA Image) MUMBAI: Billionaire industrialist Gautam Adani intends to shift the ownership of an Australian port terminal to his publicly listed enterprise for $2 billion. The transaction involves Adani Ports issuing preferential shares to Carmichael Rail and Port Singapore Holdings, an entity under the Adani family's control. The preferential share issuance will result in Carmichael Rail acquiring a 6.

2% stake in Adani Ports, becoming a promoter of the Mumbai-listed company. This will raise the total promoter shareholding in Adani Ports to 68 from 66%. The non-monetary transaction is based on the valuation report issued by GT Valuation and SBI Capital Markets, Adani Ports said.

The North Queensland Export Terminal in Australia was initially purchased by Adani Ports in 2011, and was later sold to the Adani family in 2013 for $2 billion. The terminal, with a yearly capacity of 50 million tonnes, is located at the Port of Abbot Point, which is operated by the Adani Group . According to Adani Ports, the terminal presents opportunities for future green hydrogen exports.

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