Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest integrated transport utility, has announced the acquisition of the North Queensland Export Terminal (NQXT) in Australia through a non-cash transaction, marking a major milestone in its global expansion strategy. The acquisition accelerates APSEZ’s journey to achieve 1 billion tonnes per annum (TPA) cargo handling capacity by 2030.
As part of the deal, APSEZ will acquire 100% interest in Abbot Point Port Holdings Pte Ltd (APPH), Singapore, from Carmichael Rail and Port Singapore Holdings Pte Ltd (CRPSHPL), a related party. In return, APSEZ will issue 14.38 crore equity shares to the seller under a preferential allotment, resulting in a net increase of 2.13% in promoter group holding. The enterprise value of NQXT has been pegged at A$3,975 million (approx. ₹21,700 crore), with an EV/EBITDA multiple of 17x based on FY25E numbers.
Located at the Port of Abbot Point in North Queensland, NQXT is a high-performance, cash-generating asset with an operational capacity of 50 MTPA. It handled 35 MMT of cargo in FY25, recording all-time highs. The terminal has long-term “take-or-pay” contracts with eight key customers and has the potential to expand capacity to 120 MTPA. APSEZ expects NQXT’s EBITDA to grow to A$400 million within four years, from the current estimated A$228 million in FY25.
NQXT’s 85-year remaining lease term (until 2110) and access to high-quality metallurgical and energy coal reserves make it a strategic fit for APSEZ. The asset also holds potential for green hydrogen exports, aligning with both Queensland’s and Adani’s sustainability goals. The acquisition is expected to contribute a 7.8% increase to APSEZ’s FY25 cargo volume and a 6.9% boost to its EBITDA.
Ashwani Gupta, Whole-time Director & CEO of APSEZ, remarked, “The acquisition of NQXT is pivotal in opening new export markets and securing long-term contracts. Its location on the East-West trade corridor strengthens our global logistics platform. With its excellent ESG record and potential for future green hydrogen exports, NQXT aligns with our ‘Growth with Goodness’ vision.”
NQXT is lauded for its safety and sustainability credentials, with zero environmental incidents and fatalities in FY25, and a strong local impact—50% of its operational spend was with regional suppliers, and over 5% of its workforce identifies as Aboriginal or Torres Strait Islander.
Cyril Amarchand Mangaldas and Ashurst served as legal counsels, while SBI Capital Markets and GT Valuation Advisors acted as independent valuers. The transaction remains subject to approvals from the Reserve Bank of India (RBI), shareholders, and Australia’s Foreign Investment Review Board, and is expected to close within two quarters.
