It may be just a matter of coincidence but as Prime Minister Narendra Modi wowed people in Sydney, entrepreneur from his home state of Gujarat bagged a major Australian government project in Melbourne. According to agency reports, the Adani group’s proposed plan to build a 7-billion-dollar coal mine was on Monday cleared by Australia’s Queensland state, which also announced a major investment in rail infrastructure to support the Indian conglomerate’s mega project.
This announcement, coupled with Adani’s MoU with the State Bank of India for funding the development of the Carmichael Mine, reflects the confidence governments of India and Australia, have shown in the Gujarat-based conglomerate. Adani is the proponent of the North Galilee Basin Rail (NGBR), Queensland’s first standard gauge line, that is the centre-piece of the company’s integrated mine, rail and port project. The two other proposed mega-projects in the Galilee Basin are -- GVK’s six billion dollars Alpha mine and Clive Palmer’s 6.4 billion dollars Waratah coal.
According to industry sources, Adani group was trying to bring Coal India Limited (CIL) as the partner for this project and were pushing CIL hard to invest huge sum of money for this project. A few years back, CIL board rejected this proposal as they found it ‘a very risky proposition.’
Adani groups with Memorandum of Understanding with State Bank of India (SBI) provides for a credit facility of up to 1 billion dollars for the company’s mine project at Carmichael. The mine, which holds a Joint Ore Reserves Committee (JORC) -certified resource in excess of 11 billion tonnes of thermal coal, is the centrepiece of Adani’s integrated mine, rail and port project in Queensland, and a key plank of the company’s value chain going forward. SBI has long been a key financier of the company’s job-creating power, infrastructure and diversified projects in India and abroad, the company said.
This announcement, coupled with Adani’s MoU with the State Bank of India for funding the development of the Carmichael Mine, reflects the confidence governments of India and Australia, have shown in the Gujarat-based conglomerate. Adani is the proponent of the North Galilee Basin Rail (NGBR), Queensland’s first standard gauge line, that is the centre-piece of the company’s integrated mine, rail and port project. The two other proposed mega-projects in the Galilee Basin are -- GVK’s six billion dollars Alpha mine and Clive Palmer’s 6.4 billion dollars Waratah coal.
According to industry sources, Adani group was trying to bring Coal India Limited (CIL) as the partner for this project and were pushing CIL hard to invest huge sum of money for this project. A few years back, CIL board rejected this proposal as they found it ‘a very risky proposition.’
Adani groups with Memorandum of Understanding with State Bank of India (SBI) provides for a credit facility of up to 1 billion dollars for the company’s mine project at Carmichael. The mine, which holds a Joint Ore Reserves Committee (JORC) -certified resource in excess of 11 billion tonnes of thermal coal, is the centrepiece of Adani’s integrated mine, rail and port project in Queensland, and a key plank of the company’s value chain going forward. SBI has long been a key financier of the company’s job-creating power, infrastructure and diversified projects in India and abroad, the company said.