Ahmedabad: Mundra Port and SEZ, a Adani Group firm, announced on Wednesday it has completed the acquisition of Australia's Abbot Point Port Coal Terminal (APPCT) for AUD 1.829 billion (Rs 8,900 crore) in an all-cash deal.

The deal, completed in a record 28 days period, marks one of the largest outbound acquisitions by any Indian company overseas in the last fiscal.

"The acquisition of APPCT has been completed today. We have paid the entire amount of AUD 1.829 billion to the Queensland treasury and have taken over the ownership and operations of the port," MPSEZL Chief Financial Officer B Ravi told reporters here.

"The port has been re-christened Adani Abbot Port Coal Terminal (AAPCT) Pty. Our directors have joined the board of the new company and a team is in place there and has started to operate the port from today," he said.

The Ahmedabad-based Group, after being declared a successful bidder by the State of Queensland, Australia, had signed a sale and purchase agreement in Brisbane for the port on May 3.

The short-term acquisition financing for the project has been done by the State Bank of India (SBI) and Standard Chartered bank, Ravi said.

"The short-term funding will be replaced with an assest-based financing (long-term) for which we have USD 1.5 billion worth assets in the new company (AAPCT Pty).

"We can go in for long-term asset-based debt of up to USD 1.3 billion based on the assets of AAPCT. Secondly, there would be MPSEZL-level debt either through convertible bonds or some other financial instrument which is yet to be decided," he said.

MPSEZL is expected to generate surplus fund flows to the tune of Rs 1,800 crore through internal accruals by next year to part fund the project, Ravi said.

The Australian port is a profit-making entity and it expects revenue of AUD 110 million in 2011, he said.

Adani Group, which aims to become a world-class port developer and operator with this acquisition, plans to undertake expansion of the facility within next three months.

"Over the next three months, we shall undertake expansion of the port from 50 MT capacity to 80 MT," he said.

The expansion is expected to get over in the next three to four years. The port has two mechanised berths. MPSEZ aims to build another two in the next five years.

The Australia based-Linc Energy's coal assets, bought by the Adani Group in August last, are expected to be operational over the next 3-4 years and the AAPCT shall be ready by that time to evacuate it, Ravi said.

"The expanded capacity of 50 MT got operational at AAPCT about 10 days ago from the erstwhile 21 MT," Ravi said.