Adani Group-owned Mundra Port and Special Economic Zone Ltd (MPSEZL) on Tuesday announced the $2 billion acquisition of Abbot Point Port in Queensland, Australia, on a 99-year lease, marking the beginning of the company's business expansion outside India.
Talking to mediapersons here, MPSEZL Chief Financial Officer B Ravi said the size of the balance sheet of the company would double after the acquisition.
"We have acquired a 100 per cent stake in Abbot Point Port," he said.
"This an all-cash deal duly funded by an acquisition debt. The assets base at Abbot Port allows us to have take-out finance at the assets level very soon," Ravi said.
The deal was signed in Brisbane, Australia, between the company officials and the Queensland government this morning, he said, adding they have also intimated the Bombay Stock Exchange (BSE) about the new development as per the rules.
The port, known as Abbot Point X50 Coal Terminal (APCT), was mostly a coal export port in Queensland and is owned by North Queensland Bulk Port Corporation Limited (NQBP).
"The sale of ACPT is through a 99-year-lease of existing coal terminal facilities and associated infrastructure. It presently has two berths capable of handling cape-size vessel of over two lakh tonnes deadweight with annual installed capacity to load 50 million tonnes," Ravi said, adding that the takeover would be complete by June 1.
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