Adani Ports and Special Economic Zone(APSEZ) has said that it is planning to divest its entire stake in Abbot Point Coal Terminal in Queensland, Australia to the Adani family.

The company said that its board of directors (BoD) have approved a proposal to divest in the entities controlling the Abbot Point Coal Terminal. The decision to divest the entire stake is subject to certain approvals, formalities and clearances from authorities.

APSEZ's Chief Financial Officer B. Ravi said, "We are divesting almost 100 per cent share to the Adani family and will be keeping shares worth USD 1,000 only."

The Gujarat-based company had acquired lease of 99 years for Abbot Point Coal Terminal for A$ 1.8 billion about Rs 9,000 crore in May 2011. The company said that the sale of stake will help the company strengthen its financial position and will enable it to focus on Indian ports business.

APSEZ had recorded a 12.52 per cent growth in consolidated net profit at Rs 361 crore in the third quarter. The shares of the company 6.69 per cent and were trading at Rs 145.90 at the Bombay Stock Exchange (BSE).