Abbot Point Operations, an Australian subsidiary of Adani Ports and Special Economic Zone (APSEZ) has entered into an agreement to acquire ownership of Abbot Point Bulkcoal (APB). APB is an Australian registered company performing the operations and maintenance activities of Abbot Point Coal Terminal in Queensland, Australia. Under the agreement, APO acquires 100% of shares in APB from Glencore Coal Queensland upon receiving certain approvals.

Abbot Point has currently one operating terminal named Adani Abbot Point Terminal having firm take or pay contract for 50 mmtpa cargo. The terminal was acquired by the Adani Group by way of a 99 year lease from the Queensland Government on June 1, 2011. Since inception, the Terminal has been operated by APB under an Operations and Maintenance Agreement with Adani Abbot Point Terminal Pty (AAPT). The acquisition cost is AUD 1 plus closing adjustments for the 100% shares and AUD 19.25 m for the operational rights.

Shares of the company declined Rs 5.95, or 2.16%, to settle  at  Rs 270.15.  The total volume of shares traded  was  129,324 at  the BSE (Tuesday).