Adani Ports snaps up key Australian terminal in bold global cargo push to 1 billion tonnes a year
Adani Ports moves closer to its 2030 target with NQXT acquisition in Australia. Find out how this non-cash deal boosts global cargo capacity and EBITDA.
How does the NQXT acquisition strengthen Adani Ports’ global logistics vision?
Adani Ports and Special Economic Zone Ltd (APSEZ) has taken a significant step forward in its global logistics and transport expansion strategy with the acquisition of North Queensland Export Terminal (NQXT) in Australia. The non-cash transaction, approved by the company’s Board on April 17, 2025, involves the issue of 14.38 crore equity shares to Carmichael Rail and Port Singapore Holdings Pte Ltd (CRPSHPL) in exchange for full ownership of Abbot Point Port Holdings Pte Ltd, which operates NQXT. The transaction is valued at an enterprise value of A$3.975 billion, and it is designed to maintain APSEZ’s leverage profile post-acquisition.
NQXT, located within the Port of Abbot Point on Australia’s east coast, is a strategic asset in the Bowen region of Queensland. It is one of the country’s most efficient and long-life bulk export terminals, with a nameplate capacity of 50 million tonnes per annum (MTPA). This acquisition gives APSEZ direct access to a fully operational multi-user facility that supports the export of Queensland’s metallurgical and energy coal to more than 15 countries—88% of which go to Asia and 10% to Europe.

The acquisition fits within APSEZ’s long-term goal of handling 1 billion tonnes per annum (BTPA) of cargo by 2030. It also enhances the company’s geographic footprint across the East-West trade corridor, which connects major commodity-producing regions to high-demand markets globally.
What makes North Queensland Export Terminal (NQXT) a strategic asset?
Originally commissioned in 1984, the North Queensland Export Terminal has built a reliable operating history spanning over four decades. It is regarded as a critical infrastructure asset by the Queensland Government and is subject to a long-term lease extending through 2110. The Port of Abbot Point, where NQXT is located, has been designated both a Strategic Port and a Priority Port Development Area under Queensland’s Sustainable Ports Development Act of 2015.
NQXT has demonstrated consistent cargo growth, handling an all-time high of 35 million metric tonnes (MMT) in FY2025. The terminal’s FY25 contract capacity was 40MMT, and its operations generated revenue of A$349 million, with EBITDA of A$228 million. For APSEZ, this translates to an incremental EBITDA margin in excess of 90%, excluding pass-through operating and maintenance costs.
Current users of the terminal operate under long-term “take or pay” contracts and are predominantly located in Queensland’s Bowen and Galilee Basins. These customers collectively represent high-quality metallurgical and energy coal exporters, and their average mine life is estimated to be around 60 years. The facility’s growth trajectory is supported by identified pathways to increase capacity up to 120 MTPA, which could accommodate rising demand for critical resources, including the potential export of green hydrogen.
How will this deal affect Adani Ports’ operational metrics and financials?
According to APSEZ, the acquisition will result in a 7.8% cargo volume increase and a 6.9% boost to EBITDA based on trailing twelve-month metrics up to December 2024. The EV/EBITDA multiple for the transaction stands at 17x, reflecting NQXT’s robust financial performance and long-term growth potential.
In terms of financial structuring, the transaction will not impact APSEZ’s net debt position significantly. The company has stated that it will assume certain non-core assets and liabilities on APPH’s balance sheet, which are expected to be monetised or resolved shortly after closing. The entire acquisition is being conducted through a share swap mechanism, thereby avoiding the need for fresh debt financing. This move is aligned with APSEZ’s financial discipline and helps retain promoter group control, which will see a net increase of 2.13% in shareholding due to the share issuance.
How is the market reacting to Adani Ports’ global expansion plans?
The acquisition comes at a time when investor sentiment around the Adani Group, including APSEZ, has seen a steady recovery following a period of turbulence in early 2023. APSEZ’s stock, listed under ticker symbols 532921 on BSE and ADANIPORTS on NSE, has shown relative strength in 2024 and early 2025, supported by improved transparency, deleveraging initiatives, and consistent financial performance.
Leading up to the deal announcement, APSEZ shares remained steady, indicating that investors may have anticipated further international expansion. The non-cash nature of the deal—using equity instead of debt—has been perceived as a prudent move, maintaining financial stability while enhancing strategic assets.
Market analysts view the deal as EBITDA-accretive, particularly with NQXT projected to deliver A$400 million in EBITDA within four years. The promoter group’s increased stake is also seen as a show of confidence. The long-term lease until 2110, high-margin profile, and potential for green hydrogen exports provide strategic and financial upside.
Sentiment around the stock remains neutral-to-positive, with a short-term hold outlook. For medium-to-long term investors, the deal supports an accumulate stance, given the alignment with global energy transitions and resilient demand across Asia-Pacific trade routes.
Why is the acquisition important for APSEZ’s green logistics strategy?
The deal aligns with broader trends in energy transition and sustainable infrastructure, particularly in the Asia-Pacific region. Queensland’s state government has outlined ambitions to position the state as a hub for green hydrogen exports. The deep-water Port of Abbot Point, and by extension NQXT, is well-positioned to support these objectives due to its location, infrastructure, and long lease life.
APSEZ views NQXT as a future-ready asset, noting that contract renewals, additional throughput growth, and diversification into green energy exports will drive EBITDA to approximately A$400 million within the next four years. This reflects a shift in APSEZ’s global logistics platform toward a more environmentally aligned growth model.
The company has highlighted NQXT’s strong ESG credentials as a key component of the acquisition. These include zero reportable environmental incidents in FY25, a lost time injury frequency rate of just 1.7, and 50% of operational spending channelled through local and regional suppliers. Since 2017, NQXT has invested A$2.4 million in community initiatives, primarily in the Bowen and Collinsville regions. Additionally, over 5% of its workforce identify as Aboriginal or Torres Strait Islander—higher than the national average—demonstrating strong social integration and inclusiveness.
What are the regulatory and advisory frameworks guiding this transaction?
The deal is subject to several regulatory approvals, including from the Reserve Bank of India (RBI), the Foreign Investment Review Board of Australia, and shareholder nods. Completion is expected within two quarters.
Legal and financial advisory support for the transaction was provided by Cyril Amarchand Mangaldas and Ashurst (international counsel). Valuation and due diligence were handled by GT Valuation Advisors, Grant Thornton Bharat LLP, and SBI Capital Markets Limited, with the latter also ensuring compliance with RBI and FEMA regulations.
How does this acquisition fit into APSEZ’s broader infrastructure portfolio?
Adani Ports and Special Economic Zone Ltd has evolved from a domestic port operator into a global integrated transport utility. It currently operates 15 ports and terminals across India’s east and west coasts, managing approximately 27% of the country’s port volumes. The portfolio includes major assets such as Mundra, Dahej, Hazira, Krishnapatnam, and Ennore, among others.
Outside India, APSEZ operates Haifa Port in Israel, a container terminal in Dar es Salaam, Tanzania, and is developing a transshipment hub in Colombo, Sri Lanka. The addition of NQXT is consistent with the company’s ambition to become the world’s largest port and logistics platform over the next decade. By linking resources from one of the world’s most resource-rich regions with high-demand industrial economies, APSEZ aims to embed itself deeper into global trade flows.
The acquisition of NQXT not only supports Adani Ports’ ambition of achieving 1 billion tonnes per annum cargo capacity by 2030 but also reflects its transition toward sustainable, globally diversified logistics infrastructure. By securing a long-term foothold in a key Australian export terminal with growth potential and high ESG performance, APSEZ is positioning itself for long-term leadership in global trade and energy logistics. Investors are expected to closely watch the regulatory milestones, capacity expansion plans, and evolving returns profile from this strategic acquisition.
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