Posted on April 21, 2025
Adani Ports and Special Economic Zone Ltd. (APSEZ) has approved the acquisition of Abbot Point Port Holdings Pte Ltd. (APPH), Singapore, from Carmichael Rail and Port Singapore Holdings Pte Ltd. (CRPSHPL), a related party, according to the company’s release.
APPH owns entities operating the North Queensland Export Terminal (NQXT), a deep-water export terminal with a capacity of 50 million tonnes per annum (MTPA), located at the Port of Abbot Point, 25 km north of Bowen, Queensland, Australia.
The transaction, valued at an enterprise value of A$3,975 million (US$2.66 billion), will be completed on a non-cash basis.
APSEZ will issue 14.38 crore equity shares to CRPSHPL, resulting in a 2.13% increase in promoterq1a1a1promoter group holding. APSEZ will also assume non-core assets and liabilities on APPH’s balance sheet, expected to be realized within months with no net impact on the transaction valuation. APSEZ’s leverage will remain unchanged post-transaction.
In FY25, NQXT handled 35 million metric tonnes of cargo, with a contract capacity of 40 million metric tonnes, generating A$349 million in revenue and A$228 million in EBITDA, with an incremental EBITDA margin exceeding 90% for APSEZ.
NQXT’s EBITDA is projected to reach A$400 million within four years.
The terminal, under an 85-year lease until 2110, serves eight major customers under long-term “take or pay” contracts and exports to 15 countries, with 88% to Asia and 10% to Europe. NQXT has a pathway to increase throughput to 120 MTPA, supporting potential green hydrogen exports.
Ashwani Gupta, Whole-time Director & CEO of APSEZ, stated, “Strategically located on the East-West trade corridor, NQXT is poised for robust growth as a high-performing asset, driven by increased capacity, upcoming contract renewals in the medium term, and the potential for green hydrogen exports in the long term. We are targeting EBITDA growing to A$400 million within 4 years.”
NQXT’s operations contributed A$10 billion to Queensland’s Gross State Product and supported 8,000 jobs. In FY25, it recorded zero environmental incidents, zero fatalities, and a lost time injury frequency rate of 1.7. Additionally, 50% of its operational spend was with local suppliers, and over 5% of its workforce are Aboriginal and Torres Strait Islander. Since 2017, NQXT has invested A$2.4 million in community initiatives in Bowen and Collinsville.
Adani Ports and Special Economic Zone Ltd. (APSEZ), part of the Adani Group, is India’s largest private port operator and integrated transport utility. Operating 15 domestic and 4 international ports and terminals, including Mundra (India’s first port-based SEZ), Haifa (Israel), Colombo (Sri Lanka), and Dar es Salaam (Tanzania), APSEZ handled 420 million metric tonnes of cargo in FY24, representing 44% of India’s containerized seaborne cargo.
Abbot Point Port Holdings Pte Ltd. (APPH) is a Singapore-based holding company owned by Carmichael Rail and Port Singapore Holdings Pte Ltd. (CRPSHPL). APPH holds entities that own and operate the North Queensland Export Terminal (NQXT) at the Port of Abbot Point, Queensland, Australia.
Carmichael Rail and Port Singapore Holdings Pte Ltd. (CRPSHPL) is a Singapore-based entity within the Adani Group, classified as a related party to APSEZ. CRPSHPL owned Abbot Point Port Holdings Pte Ltd. (APPH) prior to its acquisition by APSEZ.
