Adani to go ahead with Australia coal project

With Adani Enterprises announcing on Monday that the company will most likely begin its operations to build the controversial Carmichael coal project located in Australia, the company’s scrip price shot up by more than 7% and was trading at Rs 117.7 on the BSE at 1104 hours. The stock has witnessed an increase in volume by more than 1.03 times.
 
The company also added that it is aiming to make the project’s first shipment in March 2020. To reiterate, the company’s Australia project has been long delayed as a result of court challenges from environmental activist groups as well as indigenous groups with regard to climate change and environmental issues and the impact on native land and water supply in the region. However, these challenges have lately been discarded.
 
The company that utilises coal in order to generate electricity for its power sector enterprises in India will line up its funding by March 2018. In a media announcement, the company said that accommodation had reopened at the Carmichael camp in the previous week, facilitating the company to begin its operations on the mine and rail project that has been trimmed to be worth AUD 4 billion (Rs 202.85 billion) in its first stage, which earlier had been estimated to be worth AUD 16.5 billion (Rs 836.75 billion), including a larger mine as well as port expansion.