Adani Ports and Special Economic Zone (APSEZ) on Monday informed that the board of directors of the company has given in-principle approval for divestment of stake in the Australian venture Abbot Point Coal Terminal in Queensland to the Adani family. The announcement came after the board meeting held today.
"To focus on the high growth Indian ports and logistics sector and maintain its leadership position in India, the board of Adani Ports and Special Economic Zone Limited (APSEZ) has in-principle decided to divest its significant stake in entities controlling the Abbot Point Coal Terminal in Queensland, Australia to the Adani family, subject to requisite approvals, formalities and clearances, at a valuation determined by an independent valuer," B Ravi, chief financial officer, APSEZ informed in a statement issued after the board meeting.
"This divestment will further enhance the financial strength of APSEZ in order to pursue its plans to acquire or set up new ports and logistics assets in India," Ravi added.
In 2011, Adani had acquired Abbot Point terminal for a consideration of around AUS $1.8 billion.
For the third quarter ended December 2012, APSEZ registered 34% rise in the net profit on standalone basis at Rs 415 crore, up from Rs 311 crore in the corresponding period previous year. Total standalone income rose by 29% for the quarter from Rs 691 crore in the same period last year to Rs 892 crore for the quarter ended December 2012.
On consolidated basis, APSEZ registered net profit of Rs 361 crore for the quarter under review showing a rise of 12.5% from Rs 321 crore. Company registered total income of Rs 1,350 crore on consolidated basis up from Rs 907 crore in the same period last year, the company informed on Monday.