The heir to the Adani throne is shaping up to be quite a force to keep an eye on in future…
Abbot Point Operations Pty Ltd (APO), an Australian subsidiary of Adani Ports and Special Economic Zone Ltd (APSEZ), announced an agreement on Tuesday to acquire Abbot Point Bulkcoal Pty Ltd (APB), an Australian registered company performing the operations and maintenance activities of Abbot Point Coal Terminal in Queensland, Australia.
The acquisition cost is A$19.25 million (approximately Rs. 97.5 crore) for the operational rights and gives APSEZ clear access to operate 50 mtpa capacity in a developed economy on a cost-plus basis with no capital investment. APO would operate as a standalone entity from AAPT and Adani Mining.
Gautam Adani’s foray in Australia has attracted many criticisms from environmentalists and activists, but every time, the Courts have rejected their plea for cancellation of license to operate for lack of substantial evidence.
The Australian Conservation Foundation (ACF) has renewed its legal challenge to Adani’s Carmichael mine, claiming the coal project will have negative impact on global warming and the Great Barrier Reef. They are awaiting a hearing date.
But the Queensland Resources Council applauded the court’s rejection of the original ACF challenge, saying it was a “nonsense case” akin to holding the Saudi Arabian goesvernment responsible for emissions from Australian cars running on their oil…
Back home in India, Adani Ports has faced regular criticism from environmentalists and NGOs, so Gautam Adani is not new to disparagement. Over the years, he has learnt to take it in his stride and has mostly emerged untainted.
His eldest son, Karan Adani, who recently became father to a daughter, was quite ecstatic at the acquisition of APB. The APSEZ CEO said: “This acquisition is a testimony of Adani Ports’ experience and expertise in operating ports at global benchmarks. This also gives us a strategic foothold enhancing our experience of handling world-class fully automated terminals.”
Sources say the heir to the massive Adani throne is living up to his dad’s expectations as far as business-mindedness goes. And he would need to learn everything he can from his father as he has a lot to take care of.
Adani Ports and Special Economic Zone is the seamless integration of three verticals consisting of Ports, Logistics and Special Economic Zone (SEZ). The company has pan India presence and owns / operates ports and terminals in nine locations, covering the entire Indian coastline.