Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest integrated transport and logistics company, has taken a major leap in its global expansion strategy with the acquisition of North Queensland Export Terminal (NQXT)—a key port asset on Australia’s east coast.
The acquisition, approved by APSEZ’s Board of Directors, is part of the company’s ambition to handle 1 billion tonnes of cargo annually by 2030.
The deal, executed through the acquisition of Abbot Point Port Holdings Pte Ltd (APPH) from Carmichael Rail and Port Singapore Holdings Pte Ltd, is structured as a non-cash transaction, with APSEZ issuing 14.38 crore equity shares under a preferential allotment. The enterprise value of NQXT is pegged at A$ 3.975 billion, with the transaction leading to a 2.13% increase in promoter group holding.
NQXT: A strategic gateway to Asia-Pacific trade: Located approximately 25 kilometres north of Bowen in Queensland, NQXT is a natural deep-water export terminal with a current handling capacity of 50 million tonnes per annum (MTPA). It serves as a vital conduit for metallurgical and thermal coal exports from Australia’s resource-rich Bowen and Galilee basins.
With a long-term lease extending until 2110 and established “take or pay” contracts with eight major customers, NQXT is positioned as a highly profitable and operationally resilient asset. In FY25, the terminal recorded its highest-ever cargo volume of 35 MMT, with exports reaching 15 countries—88% to Asia and 10% to Europe.
The acquisition is expected to deliver EBITDA margins exceeding 90%, with APSEZ projecting EBITDA growth to A$ 400 million within four years.
Ashwani Gupta, Whole-time Director and CEO of APSEZ, called the acquisition a “pivotal step in our international strategy”, reinforcing the company’s presence along the East-West trade corridor.
“Strategically located and future-ready, NQXT enables us to open new export markets, while laying the groundwork for long-term contracts and the potential to support green hydrogen exports,” Gupta said.
“This acquisition exemplifies our commitment to sustainable growth and high ESG standards under our ‘Growth with Goodness’ vision.”
With a projected pathway to expand its throughput to 120 MTPA, NQXT is also aligned with Queensland’s strategic infrastructure and clean energy roadmap.
The terminal has earned praise for its strong environmental, social, and governance (ESG) record. In FY25, it reported zero environmental incidents, zero fatalities, and maintained a lost-time injury frequency rate of 1.7.
Beyond operational excellence, NQXT has made notable contributions to local communities:
- 50% of operational spending in FY25 was with local and regional suppliers.
- Over A$ 2.4 million invested since 2017 in community initiatives in Bowen and Collinsville.
- More than 5% of its workforce identify as Aboriginal and Torres Strait Islander—above the national average for Indigenous representation.
As part of the acquisition, APSEZ will also assume certain non-core assets and liabilities from APPH, which are expected to be resolved in the short term, resulting in zero net impact on valuation. The company confirmed that its overall leverage will remain stable post-transaction.
The acquisition remains subject to regulatory approvals from the Reserve Bank of India (RBI), the Foreign Investment Review Board of Australia (FIRB), and APSEZ shareholders. The deal is expected to close within the next two quarters.
APSEZ was advised by Cyril Amarchand Mangaldas and Ashurst as legal counsel, with Grant Thornton Bharat LLP and GT Valuation Advisors providing financial review and valuation. SBI Capital Markets served as an independent valuer for compliance with Indian regulations.
A billion-tonne vision
With this acquisition, APSEZ has significantly bolstered its global portfolio and inched closer to its long-term vision of handling 1 billion tonnes of cargo annually by 2030—a target that positions it among the world’s top integrated port and logistics companies.
For more updates on India-Australia business relations and global infrastructure developments, stay tuned to The Australia Today.
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