The Adani family’s transactions about the coal terminal at Abbot Point in Australia are unlikely to impact the three listed companies of Adani Group.
On Monday, share prices of all three Group companies were up at the Bombay Stock Exchange. While the share price of the flagship Adani Enterprises Ltd (AEL) increased 5.66% to close at Rs 479.6, that of Adani Ports and SEZ Ltd (APSEZL) closed 3.01% up at Rs 269.95 and Adani Power Ltd (APL) rose 1.41% to close at Rs 54.10.
The three companies’ annual general meetings were held here on August 9.
Commenting upon reports in a section of the media about the Adani family possibly selling the coal terminal, sources said “Now what the Adani family, in its private capacity, does with the coal terminal will not make any impact on the balance sheets of our listed companies as it would be a private transaction.”
APSEZL had bought the coal terminal in May 2011 for about $ 2 billion. In May 2013, the Adani family, promoters of the Group, bought it from APSEZL.
In July, Australia gave a green signal to the Adanis for the $16.5-billion dollar coal mine development project.
The Abbot Point coal terminal has a capacity to handle 50 million tonnes per annum (mtpa) of coal.
Currently, the Adanis, India’s largest private sector power producers, import coal for their and other power companies. In 2013-14, AEL imported 43.5 million metric tonnes of coal for power and other sectors in India.