BL reported that the Adani Group promoted Mundra Port and SEZ Limited which completed the acquisition of Abbot Point X 50 Coal Terminal in Australia plans to expand its coal handling capacity from the current 50 million tonnes per annum to 80 million tonne per annum and a decision will be taken in this regard in the next few months. Once commenced, this fresh expansion is expected to be completed in three to 4 years by when the Adanis Linc Energy mines in Australia would also start coal production, thus synergizing production and transportation.
Details of investments in this expansion would be worked out in the next few months. The Group's flagship company, Adani Enterprises Limited, India's largest coal importer, had bought the Linc Energy coal assets having 7.9 billion tonnes of reserves for INR 12,600 crore in a cash and royalty deal in August 2010. AEL would be mining nearly 100 million tonne per annum from this asset.
Mr B Ravi CFO MPSEZL said that APCT operated so far by APCT Private Limited has three fully mechanized coal terminals whose coal handling capacity was expanded from 21 million tonne per annum to 50 million tonne per annum recently. It received its first vessel just 10 days ago after the recent expansion. This capacity would be further expanded to 80 million tonne per annum with two additional berths.
The current capacity of 50 million tonne per annum is fully booked with nine local Australian companies. For now, MPSEZL would be only the owner of APCT which has now been renamed as Adani Abbot Point Coal Terminal. APCT will continue to be operated by the existing operator, Xstrata, for the remainder of its 5 year period of concession.
Mr Ravi said that MPSEZL paid the full amount of AUD 1,829 billion to Queensland, taking over ownership of APCT. The all cash deal was funded by State Bank of India and Standard Chartered Bank through a bridge loan. The management team from Mundra has taken over the ownership and oversight of the operations of APCT effective Wednesday. The company's nominated directors have also come on the board of the Australian company.
APCT which commenced operations in 1984, currently handles 20 million tonne per annum of coal. Abbot Point is the northern most coal export port in Queensland and was owned by North Queensland Bulk Ports Corporation Limited. Queensland had structured the sale of APCT through 99 year lease of existing coal terminal facilities and associated infrastructure. The deal takes MPSEZL into the top league with its asset base of $100 million increasing to over $3 billion in 10 years. From 2.5 million tonne per annum port in 2001, MPSEZL has now risen to cargo handling capacities of over 200 million tonne per annum. (sourced from Business Line)
Details of investments in this expansion would be worked out in the next few months. The Group's flagship company, Adani Enterprises Limited, India's largest coal importer, had bought the Linc Energy coal assets having 7.9 billion tonnes of reserves for INR 12,600 crore in a cash and royalty deal in August 2010. AEL would be mining nearly 100 million tonne per annum from this asset.
Mr B Ravi CFO MPSEZL said that APCT operated so far by APCT Private Limited has three fully mechanized coal terminals whose coal handling capacity was expanded from 21 million tonne per annum to 50 million tonne per annum recently. It received its first vessel just 10 days ago after the recent expansion. This capacity would be further expanded to 80 million tonne per annum with two additional berths.
The current capacity of 50 million tonne per annum is fully booked with nine local Australian companies. For now, MPSEZL would be only the owner of APCT which has now been renamed as Adani Abbot Point Coal Terminal. APCT will continue to be operated by the existing operator, Xstrata, for the remainder of its 5 year period of concession.
Mr Ravi said that MPSEZL paid the full amount of AUD 1,829 billion to Queensland, taking over ownership of APCT. The all cash deal was funded by State Bank of India and Standard Chartered Bank through a bridge loan. The management team from Mundra has taken over the ownership and oversight of the operations of APCT effective Wednesday. The company's nominated directors have also come on the board of the Australian company.
APCT which commenced operations in 1984, currently handles 20 million tonne per annum of coal. Abbot Point is the northern most coal export port in Queensland and was owned by North Queensland Bulk Ports Corporation Limited. Queensland had structured the sale of APCT through 99 year lease of existing coal terminal facilities and associated infrastructure. The deal takes MPSEZL into the top league with its asset base of $100 million increasing to over $3 billion in 10 years. From 2.5 million tonne per annum port in 2001, MPSEZL has now risen to cargo handling capacities of over 200 million tonne per annum. (sourced from Business Line)
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