Adani Ports acquires North Queensland Export Terminal, adds 50 MTPA capacity

Under the approved transaction, APSEZ will issue 14.38 crore equity shares to CRPSHPL by way of preferential allotment, representing a 2.13 per cent increase in promoter holding. The acquisition is based on an enterprise value of AUD 3,975 million for NQXT.

New Delhi: Adani Ports and Special Economic Zone Ltd (APSEZ) on Thursday approved the acquisition of Abbot Point Port Holdings Pte Ltd (APPH), Singapore, from Carmichael Rail and Port Singapore Holdings Pte Ltd (CRPSHPL), in a non-cash equity transaction. The deal will add 50 million tonnes per annum (MTPA) cargo handling capacity to APSEZ through the North Queensland Export Terminal (NQXT), located in Australia.Under the approved transaction, APSEZ will issue 14.38 crore equity shares to CRPSHPL by way of preferential allotment, representing a 2.13 per cent increase in promoter holding. The acquisition is based on an enterprise value of AUD 3,975 million for NQXT. The deal includes assumption of certain non-core assets and liabilities by APSEZ, which are expected to have no net impact on the transaction valuation.The 50 MTPA NQXT handled 35 million metric tonnes of cargo in FY2025. The terminal is located at the Port of Abbot Point in North Queensland and operates under a long-term lease from the Queensland government, valid through the year 2110.

Adani Ports said the NQXT acquisition is expected to add AUD 228 million in EBITDA based on FY25 trailing twelve months. APSEZ anticipates the EBITDA contribution will increase to AUD 400 million over the next four years.

The acquisition aligns with APSEZ’s stated target of achieving 1 billion tonnes of cargo handling capacity by 2030. NQXT is currently serving eight customers under long-term take-or-pay contracts, and 88 per cent of its exports in FY25 were to Asian countries. The terminal also supports trade with 15 countries globally.Ashwani Gupta, Whole-time Director and CEO, APSEZ, said, “NQXT’s acquisition is a pivotal step in our international strategy, opening new export markets and securing long-term contracts with valued users. Strategically located on the East-West trade corridor, NQXT is poised for robust growth.”

The company noted that NQXT has a plan to expand its capacity to 120 MTPA and supports exports of Queensland’s metallurgical and energy coal. It is also exploring future use of the terminal for green hydrogen shipments.

APSEZ stated that the acquisition will not significantly change its leverage ratios and reaffirmed its commitment to ESG practices. The company said NQXT reported no environmental incidents in FY25 and employs over 5 per cent of Aboriginal and Torres Strait Islander workers in its workforce.Since 2017, NQXT has spent AUD 2.4 million on community initiatives and contributed AUD 10 billion to Queensland’s Gross State Product, supporting about 8,000 jobs.The transaction is subject to regulatory approvals from the Reserve Bank of India, shareholders, and the Foreign Investment Review Board of Australia, and is expected to close within two quarters.Advisors to the deal include Cyril Amarchand Mangaldas (India counsel), Ashurst (international counsel), GT Valuation Advisors (registered valuer), Grant Thornton Bharat (financial review), and SBI Capital Markets (independent valuer and compliance advisor).