APSEZ to divest Australia coal terminal stake to Adanis

Last Updated: Mon, Jan 28, 2013 12:30 hrs

Ahmedabad, Jan 28 (IANS) Adani Ports and Special Economic Zone (APSEZ) Monday said the company's board of directors has in principle approved divestment of stake in the Australian venture Abbot Point Coal Terminal in Queensland to the Adani family.

"To focus on the high-growth Indian ports and logistics sector and maintain its leadership position in India, the board of Adani Ports and Special Economic Zone Limited (APSEZ) has in-principle decided to divest its significant stake in entities controlling the Abbot Point Coal Terminal in Queensland, Australia to the Adani family, subject to requisite approvals, formalities and clearances, at a valuation determined by an independent valuer," B Ravi, chief financial officer, APSEZ, said in a statement issued here after the board meeting.

"This divestment will further enhance the financial strength of APSEZ in order to pursue its plans to acquire or set up new ports and logistics assets in India," Ravi added.

APSEZ had acquired Abbot Point terminal in 2011 for around AUS $1.8 billion.

APSEZ Monday also declared a 34 percent rise in net profit on standalone basis at Rs.415 crore for the third quarter ended December 2012, up from Rs.311 crore in the corresponding period of the previous year.

On consolidated basis, APSEZ registered net profit of Rs.361 crore for the quarter under review, a rise of 12.5 percent over Rs.321 crore.

The company's total income of Rs.1,350 crore on consolidated basis was up from Rs.907 crore in the same period last year.

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