INDIAN ports and logistics giant Adani has acquired Australia’s North Queensland Export Terminal (NQXT), a key coal export facility on the country’s east coast.

Adani Ports and Special Economic Zone will issue 143.8m shares to Carmichael Rail and Port Singapore Holdings to acquire Abbot Point Port Holdings, which owns the terminal. That deal was based on an enterprise value of A$3.9bn ($2.5bn).

NQXT has an annual capacity of 50m tonnes per year and handled a record 35m tonnes during the 2024/2025 financial year.

With one eye on the future, the terminal says it has a plan to increase capacity to 120m tonnes per year to meet Queensland’s export demands, including potential green hydrogen exports.

APSEZ said it expects the terminal’s operating earnings to grow to A$400m within four years.

Chief executive Ashwani Gupta said the deal was “a pivotal step in our international strategy, opening new export markets and securing long-term contracts with valued users”.

“Strategically located on the east-west trade corridor, NQXT is poised for robust growth as a high-performing asset, driven by increased capacity, upcoming contract renewals in the medium term, and the potential for green hydrogen exports in the long term.”

The port exports metallurgical and thermal coal to 15 countries globally, with the majority of its product heading for Asian markets.