Australia’s Queensland To Fund Adani’s Port And Rail Projects

In order to transport coal out of the Carmichael mine for Adani Enterprises’ $7-billion project, Australia’s Queensland province will pick up a ‘substantial stake’ to become a co-investor in the infrastructure projects, for instance: providing port and rail connectivity.

"They (state government) are going to be a co-investor in the infrastructure project — and this is going to be the first time it's happening in Queensland," Adani Group’s chairman Gautam Adani told The Economic Times in an interview.

Talking about criticism by the Congress over State Bank of India's (SBI) memorandum of understanding (MoU) with Adani group to lend $1 billion for the project, he said, “The controversy over this agreement was misguided as Adani had a 25-year relationship with India's largest commercial bank.”

"A project set up by the private sector is getting support from the government of Queensland. They see the importance of the project," said the 52-year-old entrepreneur. Although he did not reveal the exact sum of investment, he disclosed that it would be a “substantial amount.”

The Congress party had demanded an explanation from the Centre and the State Bank of India (SBI) over the latter's decision to lend $1 billion to the Adani group. It had also accused Prime Minister Narendra Modi of "taking interest in promoting the Adani group" and demanded that SBI should disclose the MoU it had signed with the Adani group.