Adani Enterprises Ltd. enlisted Rothschild to help sell a stake in its Abbot Point port operations in Queensland, Australia, a move that sources familiar with the matter said could help the company raise funds for the Carmichael coal project in the same state, The Sydney Morning Herald reported May 22.
According to the report, the A$2 billion Abbot Point terminal is an important asset on Queensland's coast that is used by coal miners such as Glencore PLC. About 23.2 million tonnes of coal has been transported through the port so far this financial year, the newspaper added.
Sources said Adani is also understood to be looking for a second investment bank to help with the stake sale, but they did not give further details on potential candidates or the planned sale. Meanwhile, spokespersons for Adani and Rothschild declined to comment on the matter. Earlier in May, the company booked an impairment of about US$13 million on the Carmichael project, which has been dogged by delays and legal challenges.
Adani delayed the planned start of production for Carmichael to 2021 after failing to meet a March deadline to secure up to A$3 billion in project financing.
