Bloomberg News reported that Indian billionaire Gautam Adani, who is India's biggest private port operator, will transfer the ownership of a terminal in Australia to Adani Ports & Special Economic Zone for a total amount of $2.4 billion. The deal is part of Adani Ports & Special Economic Zone's efforts to expand its global presence.

Adani Ports is going to issue preferential shares for an entity controlled the Adani family in order to purchase the North Queensland Export Terminal. This was reported by a report citing sources with knowledge on the matter.

According to the report, Adani Ports purchased the North Queensland Export Terminal in 2011, before selling it to the family for $2 billion in 2013.

Adani Ports didn't immediately respond to our request for comment. Reporting by Shivani Tana in Bengaluru, Editing by Shailesh Kumar

(source: Reuters)