Investment decision by June, says Adani

MUMBAI: India’s Adani Enterprises said it would finalise an investment decision by June for its Carmichael coal project in the northern Australian state of Queensland, which has been delayed due to protests from environmental groups.

For more than five years, Adani has battled opposition from green groups who fear the project will produce so much coal for export to India that it will require a mega-port expansion into the Great Barrier Reef World Heritage Area.

While Adani, a business group with interests in power and ports, has said the project would not threaten the reef and has secured most major state and federal government approvals, it still faces several court challenges.

Raising funds has also been tough given the sensitivities of lending to a controversial project.

However, group chairman Gautam Adani expressed optimism the project would proceed and said the board would take a final decision on investments in May or June, including structure and planned funding.

He was accompanying Queensland premier Anastasia Palaszczuk during a visit to Adani’s port and solar facilities, here. Reuters