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India's Adani unit buys Australia's Abbot Point for $2 bln

Discussion in 'World Economy' started by bhagat, May 3, 2011.

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  1. bhagat

    bhagat 2nd Lieutant FULL MEMBER

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    India's Adani unit buys Australia's Abbot Point for $2 bln

    May 3 (Reuters) - A wholly owned unit of India's Adani Enterprises said on Tuesday it has acquired Abbot Point Coal Terminal in Australia's Queensland state for $2 billion as part of its business expansion overseas.

    Mundra Port and Special Economic Zone said the port is expected to have revenue of A$110 million in 2011 and of A$305 million in 2016. The port's annual capacity is 50 million tonnes.

    Sources familiar with the deal had told Reuters earlier Adani, which was competing with a last-minute offer for the asset by Australian mining tycoon Nathan Tinkler, had won the bidding. [ID:nL3E7G302H]

    The Abbot Point Coal deal makes it one of the largest acquisitions of an Australian asset by an Indian company since Adani acquired Linc Energy's Gaililee coal project for $2.7 billion last August.
    India's Adani unit buys Australia's Abbot Point for $2 bln | Reuters
     
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  2. Varad

    Varad Lieutenant FULL MEMBER

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    Good move. India should make more aquistions in enery rich Australia.:india:
     
  3. Mahakaya

    Mahakaya 2nd Lieutant FULL MEMBER

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    ^^^^ It is actually not good news, India is one of the largest producers of coal and among the top ten in terms of reserves.

    It shows how Indian government is corrupt and slow. I mean on an average you will see a mine takes 4-6 years to get commissioned in other countries but in India it takes ~10 years cos of the many approvals that you need to take. This is considerably slowing our progress. That $2.7 billion could have been pumped into India for developing mines giving employment to thousands but now its gone to Australia and no one knows whether it was a good or a bad deal. BTW Adani already has a couple of other Assets in Australia and Indonesia.

    This is quite sad, Coal is in abundance but the fucktard corrupt CONGRESS government is taking so much time in clearances, ofcourse they will place hurdles unless their own pockets are filled and if not then they are just inept and need replacement!

    I am so voting for BJP next time around!
     
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