Anglo’s Port Exit Makes Indian Billionaires Last Backers

Posted on March 7, 2014 by Nanthakumar Victor Emmanuel, P.Eng Leave a comment

Anglo American Plc (AAL)’s decision to quit plans for a coal port expansion in Australia leaves Indian billionaires G.V. Krishna Reddy and Gautam Adani as the last major investors left looking at extending the terminal.

Anglo, the world’s fourth-biggest miner by market value, follows BHP Billiton Ltd. and Rio Tinto Group in pulling out of Abbot Point in Queensland state. GVK Group and Adani Enterprises Ltd. are studying expansions at the port to export power station coal from separate mine projects they are planning inland in the Galilee Basin at a total cost of about $17 billion.