Adani Group plans bid for Australia's Port of Brisbane

The Gujarat-based Rs 4,200-crore ($6.4 billion) diversified Adani Group is expected to make an A$2 billion ($1.94 billion) bid for the Port of Brisbane that is being privatised by the government of Queensland state.

The Australian newspaper today reported that the Adani Group, which has business interests in coal trading and mining, power generation and transmission, oil and gas, agriculture and port and SEZ, has emerged as a third player in the $2 billion privatisation of the Port of Brisbane.

The paper, without citing sources, said that it had learned that Adani is expected to bid ahead of a deadline late this month.

After acquiring a 100-per cent stake in August 2010 in the Galilee coal block in the Galilee Basin in Queensland from Australia's Linc Energy Ltd, for around $2.68 billion, (See: Adani bags $2.7-billion deal to acquire Australian coal mine) Adani had indicated that it is also looking to acquire Australia's state-owned Port of Brisbane. 

According to earlier media reports, two other groups led by Morgan Stanley Infrastructure Fund and Global Infrastructure Partners have lodged indicative bids for the port and are conducting due diligence.

The Australian said that the Port of Brisbane generated a net profit of A$232 million for the year to 30 June.