Adani Enterprises Ltd News

A unit of India's Adani Enterprises Ltd will buy the company that operates Australia's Abbot Point Coal Terminal from Glencore Plc for A$19.25 million dollars ($14.52 million), ending a legal wrangle over control of the port. The statement from Adani and Glencore said Adani Ports and Special Economic Zone would purchase the port operator, Abbot Point BulkCoal Pty Ltd, pending regulatory approvals. Adani Enterprises, India's biggest private sector coal trader, acquired the Abbot Point Coal Terminal port from the Queensland government in 2011, considering it a key part of its plan to ship coal from Australia to India and for other exports.

Adani Enterprises Ltd, the flagship company of the Adani Group, today announced its results for the first quarter ended June 30, 2014. The consolidated Total Income for quarter increased by 43% to Rs 16,524 crore against Rs 11,547 crore in the same period last year. The consolidated EBIDTA increased by 62% to Rs 3,275 crore against Rs 2,017 crore in the same period last year. The consolidated PAT is Rs 557 crore. Our coal trading, ports and power businesses continue its robust performance, however, recognition of compensatory tariff and higher volume of units sold in power business have resulted in improvement of overall performance.

A proposed $10 billion Australian coal port expansion, one of two port expansions planned near the Great Barrier Reef, was shelved by its sponsors on Friday who pointed to a lack of demand for the extra capacity. The Dudgeon Point coal terminal project, designed to handle 180 million tonnes a year, was withdrawn on Friday ahead of a deadline for submitting all the studies for its application for environmental approval. The decision came in the wake of a slide in coal prices to five-year lows that has forced miners, led by BHP Billiton Ltd and Glencore, to cancel coal projects, shut mines and sack thousands of workers. The two-terminal…