Adani gives final investment nod for Carmichael mines project
The Dollar Business Bureau The Indian conglomerate Adani Enterprises Ltd on Tuesday gave final investment nod for the Carmichael coal mines and railway projects in Australia’s Queensland, shifting its focus to raise funds for the project. “The project has Final Investment Decision approval, which marks the official start of one of the largest single infrastructure and job-creating developments in Australia's recent history,” Gautam Adani, Chairman, Adani Enterprises said in a statement. Adani hopes to secure a $670 million (A$900-million) loan from the government. The company has said that the estimated initial cost of the project is $4 billion and it would generate billions of dollars in taxes and royalties and create around 10,000 direct and indirect jobs. The coal from the mine will be ...
Aus govt company seeks to invest in Adani's coal mine project
PTI An Australian government-owned fund manager company has expressed interest to invest in "infrastructure pieces" of Indian energy giant Adani's $21 billion controversial coal mine project in Queensland. Chief executive of QIC Damien Frawley said the company, whose major clients include defined benefit superannuation scheme for Queensland public servants, was keen to explore infrastructure opportunities around the state. Even though the company has not been approached for investment in the Adani's Carmichael coal mine project, QIC has said it would not be interested in the mine itself. "But the infrastructure pieces of Adani would be interesting for us to explore. If it fitted within the return rates we are seeking," Frawley was qouted as saying by 'The Courier Mail' here. The indicated area of investment ...
Adani may withdraw from Australian coal mine project
The Dollar Business Bureau Adani Enterprise is likely to withdraw its proposal to build the $10-billion Carmichael coal mine project in Australia. This is due to the delay that the company is facing caused by multiple legal challenges by various environmental groups, the company's Chairman Gautam Adani said on Saturday. Adani expressed his disappointment to the media as the project got delayed beyond its schedule. Australia's Queensland government had given permission for coal mining which is estimated at 11 billion tonnes. Approval was given to build roads, power lines and pipelines along with the mine. But this wasn't approved by the environmentalists who were fighting against the Govt's approval. According to them, there could be potential loss to the environment due to dredging, shipping and other climate changes stoked by coal mining. Groups of environmentalists ...
Australian Trade Minister Andrew Robb in India to negotiate on trade talks
The Dollar Business Bureau In order to boost the commercial trade ties with India, Australian Trade and Investment Minister Andrew Robb has arrived in India yesterday for a three day visit. The minister will also will also attend the Australia-India CEO Forum at the invitation of the co-chairs, Rio Tinto CEO Sam Walsh and the Chairman of the Adani Group, Gautam Adani. Andrew Robb will also discuss progress of the ongoing negotiations for the Comprehensive Economic Cooperation Agreement (CECA), which both countries aim to ink this year. As per reports, the eighth round of negotiations is set to take place in New Delhi in July. “Both the countries have agreed to work towards concluding the CECA in 2015 to increase trade ...
Adani Ports: Another reason to be more ambitious?
Sisir Pradhan | The Dollar Business At the forefront of a tectonic shift in the Indian port sector is Adani Ports and Special Economic Zone Ltd. (APSEZL), which not only owns India’s largest port by traffic, but also owns the country’s largest SEZ by notified area – both at Mundra – and several other ports and terminals across the country’s eastern and western coasts. Adani Group’s flagship company Adani Ports & Special Economic Zone Ltd. (APSEZ) has been handed over a bigger chance to capitalize on foreign investor funds. On June 1, RBI raised the limit on investment by Foreign Institutional Investor (FII) and Qualified Foreign Investor (QFI) groups (the combine of the two investor classes hereon referred to as ...
