India's Adani To Shell Out $2B For Australia Coal Port

Law360, New York (May 3, 2011, 2:53 PM EDT) -- India's Adani Enterprises Ltd. said Tuesday it would buy Australian port Abbot Point Coal Terminal for AU$1.82 billion ($1.98 billion) to deepen the mining, energy and infrastructure conglomerate's interests in Australian coal.

Adani Enterprises' port operating unit, Mundra Port and Special Economic Zone Ltd., finalized a 99-year lease for Abbot Point with the government of Queensland, Australia, which said Tuesday that proceeds from the sale would help fund recovery from cyclones and floods that ravaged the region last year.

The deal also speaks to India's increasing...
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