Adani Group firm completes acquisition of Abbot Point Port in Australia for Rs9,000 crore

The management team from Adani is in place and has taken over ownership and oversight of the operations of the port effective from today

Adani Group firm Mundra Port and Special Economic Zone today said that it has completed the acquisition of Abbot Point Port in Australia for 1.8 billion Australian dollars (Rs9,000 crore).

The name of the company has been changed to ‘Adani Abbot Point Terminal Pty Ltd’, an official statement said, reports PTI.

The management team from Mundra is in place and has taken over ownership and oversight of the operations effective from 1st June. The company’s nominated directors have come on the board of the target company, the statement said.

Mundra Port announced on 3rd May that it had signed a Sale and Purchase Agreement in respect of the Abbot Point X 50 Coal Terminal (APCT) following the international competitive bidding process conducted by the state of Queensland in Australia.

Queensland is selling the coal export terminal as part of a 15 billion Australian dollars asset sale programme. It will use the money for reconstruction following the devastation caused by floods and a cyclone in the region.

The port has two mechanised berths. MPSEZ aims to build another two in the next five years. It has a capacity of 50 million tonnes (MT). It is using 20MT at present.

Adani plans to fund the deal through debt and the sale of some equity in MPSEZ.

The company expects revenues from port operations to nearly triple to 305 million Australian dollars (Rs1,470 crore) by 2016 from 110 million Australian dollars (Rs530 crore) in 2011.


Godrej Consumer Products buys 51% stake in Africa's Darling Group

Darling Group, which operates in 14 countries, will also provide a platform for Godrej to introduce its home care products in the region

New Delhi: FMCG player Godrej Consumer Products (GCPL) today said it has acquired 51% stake in African hair care company Darling Group Holdings for an undisclosed amount.

Darling Group Holdings operates in 14 countries across Africa, selling hair extension products under brand names like ‘Darling’ and ‘Amigos’, PTI reports.

“The Darling Group enables us to take our presence in Africa to the next level...We believe that the strong share positions that the group brands enjoy will further accelerate our trajectory of sustainable profitable growth in the region,” Adi Godrej, chairman of GCPL, said.

The company said the acquisition will help it scale up operations in the region and strengthen its position in the hair care market.

GCPL sells hair colours in more than 14 sub-Saharan African countries under the ‘Inecto’ brand. The acquisition will provide a platform to introduce Godrej home care and personal care products in the region.

The Godrej Consumer Products stock slipped on the announcement, then regained ground and was trading at Rs416.50 at about 1pm on the Bombay Stock Exchange, down 0.24% from its previous close.


Hyundai total sales up 2.04% in May

However, exports of the automaker were down 15.33% to 16,643 units in May from 19,657 units in the year-ago period

Hyundai Motor India today reported a 2.04% increase in its total sales in May at 47,766 units.

The company had sold 46,808 units in the year-ago period, Hyundai Motor India Ltd (HMIL) said in a statement.

In the domestic market, the company’s sales increased 14.62% to 31,123 units from 27,151 units in same month last year, it added. Exports of the company were down 15.33% to 16,643 units in May from 19,657 units in the year-ago period, the statement said, reports PTI.

HMIL has said, “The market has slowed down considerably after the first quarter of the year because of increasing interest rates and rising fuel prices among other factors.”

The company's latest model, ‘Fluidic Verna’ has received over 12,000 bookings.

In its A2 segment (Santro, i10 and i20), the company sold 40,520 units, while in the A3 segment (Accent and Verna) sales were at 7,110 units.

The A5 segment (Sonata Transform) of HMIL witnessed sales of 14 units, while that of its new SUV Santa Fe stood at 122 units during the month.


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