Adani Ports and Special Economic Zone Ltd (“Adani”) will acquire the companies that own the North Queensland Export Terminal (NXT), in a non-cash, related party deal.
The terminal, located at the Port of Abbott Point, is approximately 400km to the south east of Cairns and 178km to the north west of Mackay in Queensland and has a current capacity of 50 million tonnes per annum and an all time high throughput in 2025 of 35 million tonnes of mostly thermal and metallurgical coal source from more than a dozen mines in the Bowen and Galilee basins. However, the terminal is said by Adani to have a pathway and a capability to grow cargo throughput up to 120 million tonnes per annum, said to include future commodities such as potential green hydrogen exports.
As part of a non-cash transaction, Adani will acquire the whole interest in Abbot Point Port Holdings in return for the issue 14.38 crore equity shares (one crore is ten million in the Indian numbering system). The deal has been widely reported in the media as being equivalent to $2.4 billion.
Speaking on the acquisition, Mr. Ashwani Gupta, Director & CEO, of Adani, said that the acquisition of the terminal “is a pivotal step in our international strategy, opening new export markets and securing long-term contracts with valued users. Strategically located on the East-West trade corridor, NQXT is poised for robust growth as a high-performing asset, driven by increased capacity, upcoming contract renewals in the medium term, and the potential for green hydrogen exports in the long term. We are targeting EBITDA growing to A$ 400 million within 4 years. I am proud to welcome NQXT to our ‘Growth with Goodness’ initiative, as it exemplifies our commitment to high standards in environmental, social, and governance practices.”
According to a statement from Adani, cargo from North Queensland Export Terminal was exported to 15 countries including 88% to Asia and 10% Europe. NQXT posted FY25E A$ 349 million revenue and Earnings Before Interest Taxation Depreciation and Amortisation of A$228 million. NXT was built as a dedicated deep water coal export terminal by the Queensland Government and the NQXT terminal is owned by the Queensland Government’s North Queensland Bulk Ports and is leased by NQXT on a 99 year lease as of June 2011. Adani notes that the lease has a remaining life of 85 years.
Adani is a large Indian multinational ports and logistics company that is listed on both the Bombay Stock Exchange and also the National Stock Exchange of India.
