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Adani Ports to divest stake in Australian port to focus on India

By IRIS

29th January 2013 12:18 PM

Adani Ports and Special Economic Zone announced on Monday that the board of directors (BoD) of the company approved to divest its significant stake in entities controlling the Abbot Point Coal Terminal in Queensland, Australia to the Adani family.

The stake sale is subject to requisite approvals, formalities and clearances. The valuation will be determined by an independent valuer.

This divestment will further enhance the financial strength of APSEZ in order to pursue its plans to acquire/ set up new ports and logistics assets in India.Shares of the company gained Rs 7.45, or 5.44%, to trade at Rs 144.40. The total volume of shares traded was 379,335 at the BSE (9.47 a.m., Tuesday).

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