Mundra Port and Special Economic Zone (MPSEZ) has announced the completion of acquisition of the Abbot Point X 50 Coal Terminal (APCT) in Queensland, Australia, Exim News Service reports.

On May 3, MPSEZ had announced the signing of a Sale and Purchase Agreement for APCT following an international competitive bidding process conducted by the State of Queensland.

The company has been since working on finishing the acquisition process by signing the various lease agreements and other transfer documents. It has signed a Long Term Lease Agreement and with the transfer of shares of APCT#1 Pty Ltd, has completed the acquisition of APCT.

Mr Gautam S. Adani, Chairman and Managing Director, while announcing the completion of the acquisition, said the entire deal from selection of bidder to completion was done in just 28 days, a record of sorts. With the execution of various documents with officials of the government of Queens-land, Mundra Port Pty Ltd has became the owner of APCT#1 Pty Ltd.

The name of the company has been changed to Adani Abbot Point Terminal Pty Ltd.

It will handle 50 million tonnes of coal a year.

The management team from Mundra is in place and has taken over ownership and oversight of operations at APCT effective June 1. The company’s nominated Directors have come on the Board of the target firm.

Mr B. Ravi, Chief Financial Officer, informed that the all-cash deal was funded by State Bank of India and Standard Chartered Bank. The full amount of AUD $ 1.829 billion has been remitted to the Queensland government, he added.