Media reports suggest that Adani Ports and Special Economic Zone (APSEZ) would divest its stake in the Australia’s Abbot Point port and use the sale proceeds to invest in its venture in the east coast of India.
It is learnt that the Board of Adani Ports has in-principle decided to divest its significant stake in entities controlling the Abbot Point Coal Terminal in Queensland, Australia.
APSEZ does not have any asset in the east coast of India and hence plans to establish its presence in the area by using the amount generated from the sale of the stake.
It may be recalled that in 2011, Adani Port picked up majority stake in Abbot Point coal terminal in Australia for $2 billion.
Press reports indicate that APSEZ plans to sell the stake to Adani family and would use more than $235 mn (Rs 1,300 crore) fund from stake sale to fund its expansion plans in India’s east coast.
Meanwhile, APSEZ reported a 12.52 per cent growth in consolidated net profit at Rs 361.09 crore for October-December 2012, mainly on account of 52 percent jump in sales.