Mundra Acquires Australian Coal Terminal for $2bn

5 May 2011 (Last Updated May 5th, 2011 18:30)

Indian firm Adani Enterprises' subsidiary Mundra Port & Special Economic Zone has won a $2bn bid to operate the Abbot Point X50 Coal Terminal in Queensland, Australia, for 99 years. The port, known as Abbot Point X50 Coal Terminal (APCT) is owned by North Queensland Bulk Port Corporati

Indian firm Adani Enterprises' subsidiary Mundra Port & Special Economic Zone has won a $2bn bid to operate the Abbot Point X50 Coal Terminal in Queensland, Australia, for 99 years.

The port, known as Abbot Point X50 Coal Terminal (APCT) is owned by North Queensland Bulk Port Corporation.

The deal will allow the company to increase its overall cargo-handling capacity, and aid in transporting coal from Australia to India.

The deal was signed by the company and the Queensland state government, which will use the proceeds from the sale to pay for the recovery operation as a result of recent weather disasters in the state.

The Abbot Point Coal Terminal is expanding its capacity to 50 million tons a year in 2011.