Mumbai, June 6: The share prices of Adani Enterprises Ltd continued their stupendous surge on Tuesday, with a rise of over 10 per cent recorded till 4 pm, after the announcement of the company’s go-ahead for the controversial Carmichael coal project in Australia’s Queensland. The stocks were trading at Rs 127.80, as of 4 pm today, after opening in green at Rs 118.80 in the morning. The 21.7 billion dollars deal had run into trouble following environmental concerns about the project’s proximity to the Great Barrier Reef.
On Tuesday, Adani Group Chairman Gautam Adani was quoted as saying by the Press Trust of India, “I am proud to announce the project has Final Investment Decision (FID) approval which marks the official start of one of the largest single infrastructure — and job creating — developments in Australia’s recent history.” He added by saying that this was a ‘historic day’ for Adani group, for regional Queensland and for Indian investment in Australia, as this will be the largest single investment by an Indian corporation in Australia.
Speaking about the protests against the project on environmental grounds, Adani said that the group has been challenged by ‘activists in the courts, in inner city streets, and even outside banks that have not even been approached to finance the project.’ He further said that the activists are continuing their fight, but that the Group is committed to go ahead with the project.
Talking about the value-addition to job creation by the deal, Adani said that the Carmichael projects will generate 10,000 direct and indirect jobs with pre-construction workers in September Quarter 2017, reported PTI. The company will oversee the construction and operation of the project from Adani’s Regional Headquarters (RHQ), which was officially opened on Tuesday, by Queensland Premier Annastacia Palaszczuk. Tuesday’s announcement came just days after the Group struck a royalties deal with the Queensland government, in order to allow the controversy-hit project to move forward.
According to the PTI report, Adani’s Australia Head of Country and Chief Executive Jeyakumar Janakaraj has revealed that the company has already invested 3.3 billion dollars in the projects, including costs for buying the bulk coal handling port of Abbot Point.