Arun Jaitley to push Adani’s $16 billion coal project in Australia

Indian Finance Minister Arun Jaitley will be signing a bilateral trade agreement of Adani group’s $16 billion Carmichael coal project in Australia

The Dollar Business Bureau

 Arun Jaitley to meet Australia’s Finance Minister Mathias Cormann, to boost Adani’s $16 billion coal project

India-based multinational conglomerate company, Adani group’s $16 billion Carmichael coal project will be given prominence by Indian Finance Minister Arun Jaitley’s visit to Australia. The decision related to the coal project as well as port and railway line will be decided during his visit to the country from 28th March to 2nd April. On 31st March, Jaitley will have a bilateral meeting with Australian Finance Minister Mathias Cormann along with his colleagues. And he will meet with two Australian leaders who have supported Adani’s project in the past. Adani’s coal project may create thousands of jobs as the company expects that it will generate $22 billion in state taxes and royalties. The Parliament of the Australian state of Queensland has recently approved Adani’s coal project, and the company is now awaiting a mining contract from the Australian Government. Queensland government will support this move of Adani group’s Carmichael mines project in the Galilee Basin. Jaitley’s agenda to push Adani group’s coal project in Australia is to attract foreign investment in India mainly in infrastructure. On the last day of his Australia visit, Jaitley will be in Melbourne where he would meet Peter Costello who is the head of Australia’s sovereign wealth fund Future Fund, and will be participating in the ‘Invest in India Round Table conference’ to discuss funding issues for Adani group’s coal project. The Carmichael project has its own set of challenges regarding fund issues and opposition from environmental activists. Also the National Bank of Australia had ruled out funding the project in the event it was approached for funds.  

March 26, 2016 | 11:40am IST

The Dollar Business Bureau - Mar 26, 2016 12:00 IST