Adani has quietly begun planning to rebrand its Abbot Point coal terminal – removing all reference to Adani in its company name and branding – as financiers continue to abandon the business and a Queensland court orders it to pay $106.8m in damages. The Asic documents flag its intention to rebrand Adani Abbot Point Terminal and its holding company as the “North Queensland Export Terminal”. In July, an Adani employee registered the web domain www.nqxt.com.au on behalf of Adani Abbot Point Operations, a separate company that manages the operations of the export terminal. Adani’s debt difficulties at Abbot Point necessitated the terminal’s Indian parent company, Adani Enterprises, urgently injecting $100m needed to meet repayments due in May. [Adani], Queensland Coal and [an Adani employee] recognised that its conduct was not within the boundaries of normal commercial behaviour.

Source: The Guardian August 28, 2020 03:56 UTC