India’s Adani buys Australian port operator from Glencore

21 September 2016 12:00 am - 0     - {{hitsCtrl.values.hits}}

A A A

REUTERS: A unit of India’s Adani Enterprises Ltd will buy the company that operates Australia’s Abbot Point Coal Terminal from Glencore PLC for A$19.25 million dollars (US $14.52 million), ending a legal wrangle over control of the port.


The statement from Adani and Glencore said Adani Ports and Special Economic Zone would purchase the port operator, Abbot Point BulkCoal Pty Ltd, pending regulatory approvals.
Adani Enterprises, India’s biggest private sector coal trader, acquired the Abbot Point Coal Terminal port from the Queensland government in 2011, considering it a key part of its plan to ship coal from Australia to India and for other exports.


However, Glencore retained control of the actual operations of the port through its ownership of Abbot Point BulkCoal, sparking a legal dispute between the global miner and Adani that effectively will now end as the Indian company will assume full control of the port.
Adani Australia CEO Jeyakumar Janakaraj called the deal “a key milestone in our well advanced plans for Abbot Point,” according to the joint statement by the two companies.

 

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




The virus may be spreading much faster than official data suggest

The daily case reports from the Epidemiology Unit are the only data we have t

Credentials of official raise controversy

Amila Ishan Kankanamge, the Government appointed non-Executive Director to Mo

How the SLAF killed the LTTE’s “Smiling Cobra” in an air strike

More than eleven years have passed since the war between the Sri Lankan Armed

Sri Lanka in CT Level 3, health experts

As Sri Lanka witnessed the highest number of deaths in a single day and with

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.