The Adani group signed a memorandum of understanding with State Bank of India (SBI) yesterday. The MoU will provide a loan of $ one billion (over Rs 6,000 crore) for the conglomerate’s mining project in Queensland, Australia. The credit facility will be subject to the detailed assessment of the company’s mine project at Carmichael, near Clermont, in Western Queensland. The Adani group’s proposed plan to build a $ seven billion coal mine was cleared by Australia’s Queensland state on Monday, which also announced a major investment in rail infrastructure to support the mega project. Queensland has massive blocks of coal reserves untapped in the Galilee Basin. The Carmichael coal mine is the main component of Adani’s integrated mine, rail and port project in the Australian state. The company is looking at a completion date of late 2017.
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