India-based Adani Enterprises has completed the acquisition of Abbot Point Port Coal Terminal (APPCT) in Australia for A$1.82bn.
The Adani group promoted India based Mundra Port and Special Economic Zone (MPSEZ) is looking to expand the capacity of Abbot Point X 50 Coal Terminal.
Work on the project is expected to begin in few months.
MPSEZ chief financial officer B Ravi said the acquisition of APPCT has been completed and A$1.829bn has been paid to the Queensland government.
The company plans to produce from the current 50 million tonnes to 80 million tonnes of coal in the next three to four years.
The financing for the project has been arranged by the State Bank of India and Standard Chartered bank, reports Business Standard.
The company is negotiating with other foreign banks for replacement financing.