May 3, 2011 / 4:53 AM / 9 years ago

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

MUMBAI, 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. [ID:nSGE6720OX] (Reporting by Sumeet Chatterjee; Editing by Aradhana Aravindan)

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