Adani Ports and Special Economic Zone Ltd (APSEZ) has decided to divest almost the entire 100 per cent stake in entities controlling the Abbot Point Coal Terminal in Queensland, Australia to the Adani family, the company said Monday.
"Apart from about 1,000 (Australian) dollars worth of equity shares, we will be divesting 99.9 per cent stake in Abbot Point to the promoters of Adani Group," B Ravi, chief financial officer, APSEZ told The Indian Express.
APSEZ currently holds 100 per cent stake in Abbot Point. The company in May 2011 had announced signing of a sale and purchase agreement of Abbot Point Coal Terminal for about Rs 9,000 crore following international competitive bidding process conducted by the state of Queensland in Australia.
This decision to divest stake has been taken by the company's board to help "focus on the high growth in Indian ports and logistics sector and maintain its leadership position in India," stated APSEZ in a filing to the BSE.
The valuation of the stake will be determined by an independent valuer, the company said. "This divestment will further enhance the financial strength of APSEZ in order to pursue its plans to acquire or set up new ports & logistics assets in India," it added.
In a similar move last year, the Adani family had decided to take over the real-estate business after the flag-ship company of the group —Adani Enterprises Ltd, decided to divest its holding in the real-estate business. "Both these cases have similarities," Ravi added.
Meanwhile, APSEZ continues to be the second largest commercial port of India both in total cargo as well as in terms of container volumes, the company stated in a release.
Courtesy:
Express news service : Ahmedabad, Tue Jan 29 2013, 01:10 hrs
http://www.indianexpress.com/news/adani-family-consolidates-stake-in-australian-port/1066010/0
"Apart from about 1,000 (Australian) dollars worth of equity shares, we will be divesting 99.9 per cent stake in Abbot Point to the promoters of Adani Group," B Ravi, chief financial officer, APSEZ told The Indian Express.
APSEZ currently holds 100 per cent stake in Abbot Point. The company in May 2011 had announced signing of a sale and purchase agreement of Abbot Point Coal Terminal for about Rs 9,000 crore following international competitive bidding process conducted by the state of Queensland in Australia.
This decision to divest stake has been taken by the company's board to help "focus on the high growth in Indian ports and logistics sector and maintain its leadership position in India," stated APSEZ in a filing to the BSE.
The valuation of the stake will be determined by an independent valuer, the company said. "This divestment will further enhance the financial strength of APSEZ in order to pursue its plans to acquire or set up new ports & logistics assets in India," it added.
In a similar move last year, the Adani family had decided to take over the real-estate business after the flag-ship company of the group —Adani Enterprises Ltd, decided to divest its holding in the real-estate business. "Both these cases have similarities," Ravi added.
Meanwhile, APSEZ continues to be the second largest commercial port of India both in total cargo as well as in terms of container volumes, the company stated in a release.
Courtesy:
Express news service : Ahmedabad, Tue Jan 29 2013, 01:10 hrs
http://www.indianexpress.com/news/adani-family-consolidates-stake-in-australian-port/1066010/0
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