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Transport | March 2011

Mundra bids for Abbot assets

Adani group's global interests has taken a new turn with the group's ports division Mundra Ports and Special Economic Zone submitting a tentative bid for Australia's Abbot Port Terminal . A deal size could go upwards of $1 billion.

 

"It's a large deal for us if it goes through," is all what Prabal Banerji, Chief Financial Officer of Adani Power would say when queried on Abbot bid deal size. He said it is only in initial stages at this point. A person close to the firm said Citibank has been mandated by Adani for this deal, though this could not be ascertained with either the company or the bank.

 

An Australian competition commission note says that Adani has sought to acquire interests in Abbot as part of State of Queensland's competitive bidding process. The note, of which ET has a copy, has also sought responses from market participants whether it could lead to foreclose of coal terminal to Adani's competitors who might need coal terminal.

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