more-inAdani Group is planning to develop A$16 billion Carmichael coal mine in Australia on its owns, as the company has cancelled its A$2 billion contract with mining services firm Downer. This, after the Gautam Adani-led group failed to obtain cheap loans from the Australian government for the controversial project. “Adani and Downer have mutually agreed to cancel all Letter of Awards and Downer will provide transitional assistance until March 31, 2018,” the statement added. Adani Australia currently employs more than 800 people and has invested more than $3.3 bn in Queensland, one of the biggest investments by an Indian company in Australia. “Adani remains committed to develop the Carmichael project and will ensure the highest level of standards and governance.

Source: The Hindu December 18, 2017 17:15 UTC