APSEZ completes acquisition of NQXT Australia

In a regulatory filing on Tuesday, APSEZ said it has made preferential allotment of 14,38,20,153 shares of face value Rs 2 each to CRPSHPL.

"APSEZ...has successfully completed the acquisition of 100 per cent interest in NQXT Australia pursuant to completion of all condition precedents, including approvals from ‘majority of minority’ shareholders, Reserve Bank of India, Foreign Investment Review Board of Australia, amongst others," it said.

APSEZ whole-time director and CEO Ashwani Gupta said, closure of NQXT’s acquisition is a significant milestone in APSEZ’s growth trajectory towards 1 billion metric tonne cargo by 2030.

"NQXT will enhance our presence along the East-West trade corridor along with our other international ports in Israel, Colombo and Tanzania," he said.

During FY25, NQXT had a contracted capacity of 40 million tonne and delivered Australian dollar 228 million EBITDA (on proforma basis, NQXT represents 6 per cent and 7 per cent of APSEZ’s FY25 revenue and EBITDA respectively).

APSEZ had originally, in 2011, acquired the North Queensland Export Terminal (NQXT) at Abbott Point for USD 2 billion. Two years later, in 2013, the Adani family purchased the asset from APSEZ for the same amount, along with the capital invested, enabling the company to concentrate on expanding its domestic operations.

Now, with a strengthened balance sheet and a dominant position in India, APSEZ has re-acquired the terminal as part of its global growth strategy.