In­vest­ment de­ci­sion by June, says Adani

New Straits Times - - Business -

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

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