Indian conglomerate Adani Enterprises Sunday received approval from Australia's Queensland state government to go ahead with the proposed AUD 10 billion (US$7.7 billion/about Rs 51,000 crore) coal project. The company won the permission to conduct mining activities in certain Australian coal reserves.
Annastascia Palaszczuk, Queensland Premier, said Adani has got the permission to mine 11 billion tonnes of coal. In addition, the Gautam Adani-led group can build haul roads, workshops, pipelines and power lines in association with the mine, Reuters reported.
"Some approvals are still required before construction can start, and ultimately committing to the project will be a decision for Adani," Palaszczuk was quoted as saying by the agency.
Meanwhile, according to some analysts, that the Gujarat-based company would find it tough to raise financing for the project in midst of a sinking coal market.
The Adani group was reportedly facing legal troubles in Australia as environmentalists had lodged challenges on numerous fronts in the month of November last year. They had claimed that the project would harm the Great Barrier Reef and contribute to climate change.
Last week, India's Finance Minister Arun Jaitley was visiting the island nation. He expressed hope that the Adani coal mine project would receive the due approvals and get a green signal, International Business Times, India reported.
[1 lakh = 100,000 | 1 crore = 10 million | 100 crore = 1 billion]