Adani Group-owned Mundra Port and Special Economic Zone (MPSEZ) has announced the acquisition of Abbot Point Port in Australia. The all-cash deal is valued at A$1.8 billion (around $2 billion or Rs. 9,000 crore) and was signed in Brisbane between officials of Mundra Port Pty Limited, a 100% owned Australian subsidiary of MPSEZ and Queensland government. The company expects to close the deal by June, 2011.

MPSEZ was primarily advised by Blake Dawson LLP, an Australian law firm with a team led by Partners Damian Salsbury and Tony Denholder along with Mumbai office of Economic Laws Practice (ELP). ELP team was led by Partners Sujjain Talwar and Vikram Nankani along with Associate Manager, Aakanksha Joshi.

Abbot Point Port was advised by Australian firm, Arthur Robinson.

Speaking with Bar & Bench on the transaction, Partner Sujjain Talwar said, “In the past we have assisted both international and Indian players in international port projects in locations ranging from Yemen, Ethiopia, UAE (Fujeirah and Abu Dhabi), Gawadar in Pakistan, Bangladesh and Maldives. But this endeavour stands out not only because of the location of the port (the first port project undertaken by an Indian company in the developed world) but also because of the level of investment involved”.

MPSEZ emerged as a successful bidder for the 99-year lease of Abbot Point X 50 Coal Terminal (APCT), following the international competitive bidding by the state of Queensland in Australia.

ET reports This is the largest acquisitions of an Australian asset by an Indian company since Adani acquired Linc Energy's Gaililee coal project for USD 2.7 billion (Rs. 12,600 crore) last August.

Mundra Port and Special Economic Zone Limited (MPSEZ) is India's largest private port and special economic zone at Mundra in the Gulf of Kutch in the west coast of India.

According to NDTV, with this acquisition, Mundra Port Special Economic Zone Ltd doubles its present balance sheet size and adds 50-million-tonne capacity. Abbot Point is expected to have revenues of Australian dollars 110 million in 2011, with an EBITDA of AUD 59 million. The coal terminal has two berths capable of handling cape size vessel of over 2 lakh tonnes deadweight with annual capacity to load 50 million tonnes.

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