Adani to Sell Australian Terminal to His Port Firm in Stock Deal

Billionaire Gautam Adani will transfer ownership of an Australian terminal to his listed company at an enterprise value of about $2.5 billion as India’s largest port operator seeks to expand its global footprint.

The board of Adani Ports & Special Economic Zone Ltd. on Thursday approved the acquisition of Abbot Point Port Holdings Pte from Carmichael Rail and Port Singapore Holdings Pte by issuing 143.8 million shares. Abbot holds the entities which own and operate the North Queensland Export Terminal, or NQXT. The deal will help Adani Ports achieve an annual capacity target of 1 billion tons by 2030, the ...