Mundra Port and Special Economic Zone is signing a sale and purchase agreement in respect of Abbot Point X 50 Coal Terminal (APCT) following the international competitive bidding process conducted by the State of Queensland in Australia.
The company was working on completion of the acquisition by signing the various lease agreement and other transfer documents. With the signing of the Long Term Lease Agreement and with the transfer of shares of APCT the company has completed the acquisition of APCT.
The entire deal from selection of bidder to completion was completed in just 28 days. With the execution of various documents with officials of the Government of Queensland, Mundra Port has become the owner of APCT.
The name of the company has been changed to Adani Abbot Point Terminal. The management team from Mundra is in place and has taken over ownership and oversight of the operations of APCT effective from June 01, 2011. The company's nominated directors have come on the board of the target company.