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Home › Dodgy Deals ›
Target Dodgy Deal
Adani GroupIndia

Company – Target

This profile is a priority campaign target
Profile by:
BankTrack
Contact:

Camilla Perotti, Banks and Coal Campaigner at BankTrack

Last update: 2024-05-31 00:00:00
Adani's Mundra port in Gujarat, India. Photo: Emperor Genius via Wikimedia Commons (CC BY SA 3.0)

Company – Target

This profile is a priority campaign target
Profile by:
BankTrack
Contact:

Camilla Perotti, Banks and Coal Campaigner at BankTrack

Last update: 2024-05-31 00:00:00
Why this profile?

Why this profile?

A track record of environmental and human rights abuses, its ubiquity in global fossil fuel developments, and recent shocking allegations of deeply rooted fraud and corruption all combine to justify Adani as a major multinational Dodgy Deal. Specifically in relation to climate, its coal mines and coal power plants are responsible for severe adverse impacts on the environment and climate change. Adani is building thousands of megawatts worth of new coal power plants capacity.

What must happen

Adani's financial supporters, from its investors to its bond underwriters, must pull their money from the corrupt and deeply harmful business activities of all the Adani Group subsidiaries.

About
Take Action!
Tell Adani’s bankers and investors to rule out any further funding for the entire Adani Group!
Sectors Coal Mining , Coal Electric Power Generation, Oil and Gas Extraction
Headquarters
Ownership
listed on Bombay Stock Exchange & NSE

The Adani Group is controlled by the Adani family. They operate a number of private businesses and hold a controlling share in Adani Enterprises. The group's structure can be viewed here.

Subsidiaries
Adani Enterprises Ltd – India
Adani gas Ltd – India
Adani Green Energy Ltd – India
Adani ports & Special Economic Zone Ltd – India
Adani power Ltd – India
Adani Transmission Ltd – India
Website http://www.adani.com

Adani is an Indian multinational conglomerate, founded by Indian billionaire Gautam Adani in 1988. Its business units consist of resources (coal mining and trading), logistics (ports, railways and ships) and energy (power generation and transmission). It has coal mining interests in India, Indonesia, Australia and Bhutan and operates a series of massive coal power plants in India with a total installed capacity of 13,650 MW. In addition, Adani is planning to expand it's coal-fired installed capacity by another 3,200 MW. More recently, Adani's shares have dropped precipitously after evidence of systemic financial impropriety by the company.

Impacts

Impact on human rights and communities

Clearing ancestral forested lands Billions of tons of coal lie beneath the ancestral forests in the central Indian state of Chhattisgarh and Adani Group, with the help of prime minister Narendra Modi, is planning to mine the coal. The forest, known as the Hasdeo forest, is a protected elephant habitat and the ancestral lands of the Indigenous Adivasi Gond People.

Incident at Gujarat power station Adani coal companies have claimed serious injuries and deaths in India. In 2016, 21 workers suffered horrendous burns at Adani’s coal-fired power station in Gujarat when a hot water pipe burst, seven of whom later died from their injuries.

Exploiting workforce An investigation by Fairfax Media found evidence that Adani were exploiting their Indian workforce by underpaying them, overworking them, and exposing them to lax health and safety standards. Many labourers working on a luxury housing project in Gujarat were reportedly forced to live in makeshift houses with dirt floors, and no running water or toilets. The poor sanitary conditions led to regular outbreaks of cholera from contaminated drinking water.

Impacts on tourism and local people In 2016 an Indian court found Adani Enterprises Ltd and other entities liable for failing to clean up after the unseaworthy coal ship they chartered sank off the coast of Mumbai in 2011 resulting in a massive oil spill which destroyed mangroves, polluted beaches and saw the spilling of coal into the sea. Adani Enterprises Ltd was fined the equivalent of AUD 975 000. The Judicial members recognised that both the sinking itself and the fact that it had not been cleaned up for over five years were causes of serious damage, including damage to the tourism industry and local people.

Impacts on fisheries In January 2016 the Indian National Green Tribunal cancelled the environmental approval of Adani Hazira Port that it held for the development of port activities in the Hajira district, Surat. Justice Kingaonkar found Adani Hazira Port liable for illegally undertaking work without an environmental approval at Hajira, Surat. This blocked the access of 80 fishing families from the traditional village of Hajira to their traditional fishing zones. Adani Hazira Port Private Ltd was ordered to pay 25 crore (approx. AUD 4.8 million) for compensation and restoration.


Impact on climate

Expanding coal power Adani is planning to expand its coal fired capacity by a whopping 8760 MW over the next years. Five coal power plants are either being built at the moment or are in the planning phase: the 1600 MW Godda power plant, the 1320 MW Pench power plant, the 2640 MW Dahej power plant, a 1600 MW expansion of the Udupi power station and a 1600 MW expansion of the Kawai power plant. Some of these power plants will be supplied by foreign coal, like the infamous Carmichael coal mine in Queensland, Australia. Others will be supplied by domestic coal, which is one of the reasons that Adani wants to exploit the coal fields beneath the Hasdeo Arand forests.
The expansion of the Kawai power plant has been on hold since September 2014 and the project appears to be cancelled, although it's still one of the 'upcoming power plants' on Adani Power's website. The Dahej power plant project appears to be deferred of abandoned as well, but is also still displayed as one of the 'upcoming power plants'.


Impact on nature and environment

History of breaching environmental regulations in India Research by Environmental Justice Australia into Adani Group's track record in regards to the adherence to environmental regulations has revealed a consistent pattern of breaching Indian environmental regulations by the Group and its subsidiaries.

Coastal mismanagement In 2013 an independent committee observed even more environmental damage done to the coastal area. This demonstrated once more disregard for government regulations; protective measures for a nearby conservation area were ignored, local creeks had vanished and more than 75 hectares of mangrove forest were destroyed due to a failure to protect this area. Additionally, an airstrip was constructed without environmental approval. The committee recommended the establishment of an environmental restoration fund of AUD40 million. In September 2013 another "show cause" notice was issued by the Ministry to Adani Mundra and required the establishment of an environmental restauraton fund as well as a plan to protect the livelihoods of affected fishermen (Environmental Justice Australia).


Other impacts

Illegal construction In 2012 Gujarat courts found that Adani had illegally constructed an intake channel for its power station at Mundra on private and government land. The company was ordered to compensate the individual on whose land the illegal construction had occurred.

Illegal iron ore transportation and bribery An 2011 investigation by the Karnataka anti-corruption ombudsman (Lokayukta) uncovered a major scandal. He found that Adani Enterprises and other port operators were actively involved in large scale illegal exports of the iron ore resulting in "huge" economic losses to the Government. The investigation's report detailed how, at its port in the south western state of Karnataka the company routinely received trucks overloaded with iron ore. In doing so the company was involved in the theft of substantial quantities of iron ore. It also received illicit iron ore at its plot at Belekeri port from a number of suppliers that had no permits to supply ore to that port.

Bribes Documents seized from Adani's offices indicated that the company had been paying cash bribes to officials of the Port department, Customs, Police, State Pollution Control Board, Weights and Measurement Department, Local politicians and others. The bribes were paid to receive "undue favour for illegal exports".

Tax evasion In 2015 an investigation into Adani by the Sydney Morning Herald uncovered evidence of a very murky money trail leading to tax havens in the Cayman Islands, criminal investigations, and secret ownership.

Financiers

According to the Banking on Climate Chaos report, 15 commercial banks financed Adani between 2016 and 2022, totalling USD 3.17 billion, via corporate lending and underwriting services. See below for more details on banks involved.

In May 2022, Standard Chartered and Barclays financed Adani Enterprises, the Adani Group subsidiary pursuing several new thermal coal mining projects. The US$ 250 million debt facility has an option to raise an additional US $200 million. The loan was made to Adani Airport Holdings, a wholly owned subsidiary of Adani Enterprises. See below for more details.

Between 2017 and 2021, Adani Ports issued US$ 3.9 billion in bonds. Banks involved were Axis Bank, Citi, Credit Suisse, Bank of America, Barclays, DBS Bank, Deutsche Bank, Emirates NBD Bank, JP Morgan Chase, Mitsubishi Financial Group (MUFG), Mizuho Financial Group, SMBC Nikko Capital and Standard Chartered Bank. See below for more details.

In November 2019, Adani Transmission issued US$ 500 million in bonds. Banks involved were Barclays, DBS Bank, Emirates NBD, Mitsubishi Financial Group (MUFG), Nomura, SBI Holdings, Société Générale, Standard Chartered Bank and Mizuho Securities. See below for more details.

In May 2019 it was reported that French investment bank Rothschild & Co. was "no longer advising Adani in relation to the sale of an ownership stake in the Abbot Point coal export port".

Between 2016 and 2018, 28 financial institutions financed a total of US$ 2.1 billion in loans and provided underwriting services totalling USD 1.05 billion to Adani. These are specified below.

Between 2014 and 2017, 42 financial institutions financed a total of US$ 4.8 billion in loans and provided underwriting services totalling US$ 2.3 billion to Adani. These are specified below.

In August 2015 it was reported that Commonwealth Bank's role as adviser to Adani's proposed Carmichael coal mine had ended, with sources citing the environmental controversy surrounding Carmichael and the project's financial risk in the face of tumbling coal prices.

Institution type
Finance type
Year
Projects
There are no active project profiles for Adani Group now.

Carmichael coal mine project

Australia
Project
On record
Coal Mining

Carmichael coal mine project

Australia

Adani Godda thermal power project

India
Project
On record
Coal Electric Power Generation

Adani Godda thermal power project

India

Great Barrier Reef Coal & Gas Exports

Australia
Project
On record
Coal Mining | Oil and Gas Extraction | Fossil Fuels Bulk Stations and Terminals

Great Barrier Reef Coal & Gas Exports

Australia
Governance
Bank policies
The following bank investment policies apply to Adani Group:
Bank of America
2016-12-31 00:00:00

Developing countries lending criteria

Bank policy
2016-12-31 00:00:00 | Bank of America
Citi
2015-02-18 00:00:00

Sustainable Progress

Citi’s Five-Year Sustainability Strategy
Bank policy
2015-02-18 00:00:00 | Citi Group
Commonwealth Bank
2015-04-11 00:00:00

Responsible Investing Framework

Bank policy
2015-04-11 00:00:00 | Commonwealth Bank
2017-08-14 00:00:00

Climate Policy Position Statement

Bank policy
2017-08-14 00:00:00 | Commonwealth Bank
HSBC
2005-05-01 00:00:00

Freshwater infrastructure sector guideline

Bank policy
2005-05-01 00:00:00 | HSBC
2017-04-26 00:00:00

Environmental Policy

Bank policy
2017-04-26 00:00:00 | HSBC
2020-04-25 00:00:00

Energy policy update on coal power plants in Vietnam, Bangladesh and Indonesia

(page 3 of this document)
Bank policy
2020-04-25 00:00:00 | HSBC
KBC
2011-12-21 00:00:00

Climate Change Policy

Bank policy
2011-12-21 00:00:00 | KBC Group
2018-06-30 00:00:00

Mining policy

Bank policy
2018-06-30 00:00:00 | KBC Group
2019-03-31 00:00:00

Environmental policy

Bank policy
2019-03-31 00:00:00 | KBC
Mizuho Financial Group
2019-05-22 00:00:00

Revisioned policy for coal-fired power generation

(in Japanese)
Bank policy
2019-05-22 00:00:00 | Mizuho Financial Group
2020-06-01 00:00:00

Updated policy - Responsible investment and financing

(document in Japanese)
Bank policy
2020-06-01 00:00:00 | Mizuho Financial Group
2020-03-30 00:00:00

Code of Conduct

Date listed represents date as accessed on website
Bank policy
2020-03-30 00:00:00 | Mizuho Financial Group
National Australia Bank (NAB)
2016-06-15 00:00:00

Group environmental management policy

Bank policy
2016-06-15 00:00:00 | National Australia Bank
2017-12-31 00:00:00

Supplier sustainability principles

Bank policy
2017-12-31 00:00:00 | National Australia Bank
2021-02-25 00:00:00

Climate change commitments

Date listed represents date as accessed on website
Bank policy
2021-02-25 00:00:00 | NAB
2021-02-25 00:00:00

ESG Risk Management

Date listed represents date as accessed on website
Bank policy
2021-02-25 00:00:00 | NAB
2021-10-20 00:00:00

Update of financing of new coal mining projects

Bank policy
2021-10-20 00:00:00 | NAB
State Bank of India
2019-01-24 00:00:00

Code of conduct

Bank policy
2019-01-24 00:00:00 | State Bank of India
Westpac
2017-10-31 00:00:00

Responsible investment position statement

Bank policy
2017-10-31 00:00:00 | Westpac
Barclays
2018-04-30 00:00:00

Coal statement

Bank policy
2018-04-30 00:00:00 | Barclays
Credit Suisse
2012-06-14 00:00:00

Summary of Oil and Gas policy

Bank policy
2012-06-14 00:00:00 | Credit Suisse
2019-02-04 00:00:00

Statement on climate change

Bank policy
2019-02-04 00:00:00 | Credit Suisse
2019-03-05 00:00:00

Statement on human rights

Bank policy
2019-03-05 00:00:00 | Credit Suisse
HDFC Bank
2019-01-25 00:00:00

Code of conduct and ethics

Date listed represents date as accessed on website
Bank policy
2019-01-25 00:00:00 | HDFC Bank
2020-04-17 00:00:00

Environmental, social and governance ESG policy framework

Bank policy
2020-04-17 00:00:00 | HDFC Bank
2019-12-17 00:00:00

Environmental policy

Bank policy
2019-12-17 00:00:00 | HDFC Bank
2020-12-07 00:00:00

Corporate Social Responsibility (CSR) Policy

Date listed represents date as accessed on website
Bank policy
2020-12-07 00:00:00 | HDFC Securities
Industrial Development Bank of India (IDBI)
2019-01-25 00:00:00

General code of conduct and ethics

Bank policy
2019-01-25 00:00:00 | IDBI Bank
Société Générale
2020-07-01 00:00:00

Press release: sector policy on coal power

Bank policy
2020-07-01 00:00:00 | Société Générale
DBS
2018-01-26 00:00:00

Sustainable commitments on climate change

Bank policy
2018-01-26 00:00:00 | DBS
2020-06-30 00:00:00

Sustainable & Transition Finance Framework & Taxonomy

Bank policy
2020-06-30 00:00:00 | DBS
2019-02-11 00:00:00

Code of conduct

Bank policy
2019-02-11 00:00:00 | DBS
Intesa Sanpaolo
2019-12-31 00:00:00

Commitment to sustainability

Bank policy
2019-12-31 00:00:00 | Intesa Sanpaolo
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BankTrack mentioned
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Blog
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New report and blog: Barclays' bond with Adani

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2023-09-18 | BankTrack, The Sunrise Project
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Insider trading scandal should serve as the ultimate red line for Adani's financial backers

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2023-08-31 | The Sunrise Project
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Three Adani Companies Booted from UN Science Based Targets Initiative

2023-05-01
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Adani Loses $4 Billion As Questions About His Company’s Loan Repayments Trigger Stock Sell-Off

2023-03-28
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Adani Group Seeking More Time to Repay Debt Associated with ACC and Ambuja Cement: Report

2023-03-28
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EXCLUSIVE: Adani Group’s China connection allegedly implicated in the coal-procurement scam

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2023-03-27 | Adani Watch
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We were cheated and intimidated! EACOP-affected communities want re-compensation

2023-03-27 | PML daily
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Adani Green, Adani Ports shares in focus as Adani group looks to refinance $1.15 billion bonds

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2023-03-20 | Business Today India
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Adani group firms pledge additional shares for key lender

2023-02-11 | Reuters
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Adani Group: Can embattled India tycoon recover from $100bn loss?

2023-02-07 | BBC News
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The forgotten people in Adani's agenda of coal exploitation in India - a list of community conflicts

2023-02-02 | Adani Watch
Blog
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Throwing fuel on the fire: GFANZ members provide billions in finance for fossil fuel expansion

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2022-08-24 | Reclaim Finance
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Adani Carmichael Coal Mine destroying cultural artifacts of indigenous Australians

2022-08-24 | Counterview
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Indigenous Australians to investors: Dump Adani Group

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2022-08-10 | Market Forces
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2022-06-08 | The Conversation
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2022-06-02 | Counterview
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2022-05-26 | The Guardian
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2022-05-23 | Market Forces
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2022-05-19 | Australia | Market Forces
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2022-05-18 | National Indigenous Times
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2022-03-29 | United Kingdom | Market Forces
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2021-11-08 | The Guardian
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Standard Chartered shareholders challenge bank to live up to net zero promise on fossil fuels

2021-10-07 | Market Forces
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Deutsche Bank, JPMorgan and Standard Chartered break promise and loan US$1 billion to Adani coal miner

2021-08-20 | Market Forces
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2021-08-05 | Market Forces
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2021-07-28 | BankTrack, Justice For Myanmar
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2021-06-04 | Oil Change International
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Arch Capital Group rules out underwriting controversial Adani coal mine

2021-04-28 | Insurance Business Australia
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Top Indian bank drags its feet on billionaire Adani coal loan

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HSBC shareholders seek exit from funding Adani's 'contentious' Australian coalmine

2021-03-13 | Counterview
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Major Lloyd's insurer Brit says it will not insure Adani's Carmichael thermal coal mine

2021-02-23 | Economic Times
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2021-02-05 | ABC News
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Adani Ports raises $500 mn selling 10-year bonds to foreign investors

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2021-01-21 | MiningTechnology
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Adani to Raise $2.5 Billion From Green Deal With Total

2021-01-18 | Bloomberg.com
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2021-01-06 | Global Capital
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2020-12-04 | Bloomberg
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Amundi gives bond warning to State Bank of India over Adani's Australian coal mine

2020-12-01 | CNBC-TV18
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“No 1B Adani Loan” Protestors Barge Into Sydney Cricket Ground In A Bid To Protest Against SBI

2020-11-28 | The Indian Wire
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#StopAdani protesters tresspass into the INDvsAUS ODI match

2020-11-20 | magazine99
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State Bank of India set to offer Rs 5000 cr loan to Carmichael coal project in Australia

2020-11-17 | New Delhi | Business Standard
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'We want them out': Traditional Owners block road to Adani coal mine in central Queensland

2020-08-24 | SBS News
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‘Indian plant exporting costly coal power to Bangladesh and not cheap renewable energy’

Opine speakers from Bangladesh, India and Australia
2020-08-10 | The Daily Star
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A message from Wangan & Jagalingou Traditional Owners

2019-09-02 | 350.org
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Queensland extinguishes native title over Indigenous land to make way for Adani coal mine

2019-08-31 | The Guardian
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How one billionaire could keep three countries hooked on coal for decades

2019-08-15 | The New York Times
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Adani still vulnerable on insurance for its Carmichael mine and railway

2019-06-28 | Market Forces
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Adani’s coal mine obtains cover despite backlash

2019-06-24 | Insurance Asia News
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Queensland approval of Adani plan ‘unlawful’, say environment groups

2019-06-22 | The Guardian
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Campaigners criticise 'reckless' approval of Adani mine in Australia

2019-06-14 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Adani Mining’s Carmichael coal mine plan gets the thumbs up

2019-06-13 | Im-mining.com
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IEEFA Australia: Queensland government about to make poor economic decision on Adani mine

2019-06-11 | IEEFA
BankTrack news BankTrack blog Partner news Partner blog

Non, merci! Rothschild & Co. walks away from Adani

2019-05-16 | Market Forces
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From 2014 to 2019: How the Adani Group funded its expansion

2019-05-16 | Scroll.in
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Media Release: World’s biggest insurers will not cover Adani Group’s Carmichael coal mine

2018-12-20 | Market Forces
Blog
BankTrack news BankTrack blog Partner news Partner blog

Korea Development Bank rules out financing the Adani Carmichael coal mine and infrastructure

2018-11-05
BankTrack news BankTrack blog Partner news Partner blog

Adani plans to draw 12.5b litres of water and there will be no environmental impact statement

2018-09-18 | Abc.net.au
BankTrack news BankTrack blog Partner news Partner blog

Adani's rail line cut shows project is on life support but still a threat to climate

2018-09-16 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Carmichael the coal mega-project Adani just can't kill

2018-09-13 | Financial Review
BankTrack news BankTrack blog Partner news Partner blog

State and federal investigation launched into Adani's Carmichael water drilling

2018-09-12 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Adani prosecuted over release of coal-laden water near Great Barrier Reef

2018-09-05 | Abc.net.au
BankTrack news BankTrack blog Partner news Partner blog

Adani knew of Abbot Point pollution risk before spill, conservationists say

2018-08-10 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

India's Adani sees six-fold rise in coal mining volume despite challenges in Australia

2018-07-24 | Reuters
BankTrack news BankTrack blog Partner news Partner blog

Adani says it still needs a loan for rail line if coalmine is to go ahead

2018-07-18 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Adani, coal, and the great Queensland water heist

2018-06-22 | Greenpeace Australia
BankTrack news BankTrack blog Partner news Partner blog

Adani losses prompt mining company to shift away from imported coal

2018-05-07 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

The war on coal is making the world’s top mine owners a lot richer

BankTrack mentioned
2018-05-02 | Bloomberg
Blog
BankTrack news BankTrack blog Partner news Partner blog

Report finds major banks ramped up fossil fuel financing to $115 billion in 2017

Despite 2017 being the costliest year on record for weather disasters, new report reveals that banks increased extreme fossil fuel financing last year, led by a more than doubling in lending to tar sands companies and pipelines.
2018-03-28 | Nijmegen, the Netherlands | BankTrack, Honor the Earth, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Sierra Club
BankTrack news BankTrack blog Partner news Partner blog

Federal government to lend money to Adani business associates

2018-03-05 | The Sydney Morning Herald
Blog
BankTrack news BankTrack blog Partner news Partner blog

Chinese banks rule out Carmichael coal mine!

2017-12-05 | Market Forces
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Adani Group: China Construction Bank won't grant loan, PR firm says

2017-12-02 | The Guardian
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Profits of Adani's Carmichael mine company tumble, leaving it in financial peril

2017-11-14 | The Guardian
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Abbot Point coal terminal: Westpac may not refinance Adani loan

2017-10-12 | The Guardian
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Adani Loses Nearly All Its Investment On Mundra Power Plant

2017-09-04 | Bloomberg
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Adani will begin construction of its Carmichael coal mine in October

2017-08-29 | News.com.au
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Indian opposition calls for investigation into Adani over financial fraud allegations

2017-08-20 | The Guardian
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Carmichael coalmine: Commonwealth Bank indicates it will not lend to Adani

2017-08-11 | The Guardian
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Adani will have to dig deep as banks shun Carmichael

2017-07-03 | The Financial Times
Blog
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New database reveals world’s biggest coal plant developers

120 companies paving the road towards climate chaos
2017-06-29 | Berlin | urgewald
BankTrack news BankTrack blog Partner news Partner blog

Why NAIF can't fund Adani

2017-06-07 | Climate Council
BankTrack news BankTrack blog Partner news Partner blog

Adani gives 'green light' to $16bn Carmichael coal mine

2017-06-06 | The Guardian
Blog
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Westpac’s new climate policy rules out most new coal mines – including Carmichael!

2017-04-28 | Market Forces
Blog
BankTrack news BankTrack blog Partner news Partner blog

Westpac’s new climate policy rules out most new coal mines – including Carmichael

2017 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Commonwealth Bank indicates it will not lend to Adani's Carmichael coalmine

2017 | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

‘More than half’ banks failing on human rights considerations, says report

2016-06-29 | Responsible Investor [$]
BankTrack news BankTrack blog Partner news Partner blog

Traditional owners vote to sack representatives who received benefits from Adani

2016-03-21 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Indigenous opponents of Adani's Carmichael mine to intensify court battle

2016-03-16 | The Guardian
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Adani freezes investment in Carmichael mine until world coal price recovers

2016-02-04 | The Guardian
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Pressure mounts on Adani go-ahead

2016-01-23 | The Australian
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Indian coal barons’ USD10 billion global mine investments may flounder

2016-01-05 | The Hindu
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NAB rules out funding Adani's Carmichael mine as buyer LG pulls out

2015-09-03 | The Guardian
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National Australia Bank rules out funding Adani's Carmichael coal mine

2015-09-03 | The Sydney Morning Herald
BankTrack news BankTrack blog Partner news Partner blog

Adani loses LG as big customer for Carmichael mine

2015-09-03 | The Sydney Morning Herald
BankTrack news BankTrack blog Partner news Partner blog

When NAB ruled out funding Carmichael coal…

2015-09-02 | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

How Adani group can get its USD7.2 billion coal mine project in Queensland back on track

2015-08-20 | The Economic Times
BankTrack news BankTrack blog Partner news Partner blog

Global insurer Aviva warns of 'grave reputational risks' of Carmichael mine

2015-08-13 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Adani cancels second bank, Standard Chartered, from Carmichael project

2015-08-11 | The Australian Financial Review
BankTrack news BankTrack blog Partner news Partner blog

Standard Chartered quits controversial Carmichael coalmine in Queensland

2015-08-10 | The Guardian
Blog
BankTrack news BankTrack blog Partner news Partner blog

Major UK bank ditches giant coal mine threatening Great Barrier Reef

2015-08-10 | London | Greenpeace
BankTrack news BankTrack blog Partner news Partner blog

Adani mine's fate may hang in balance for some time

2015-08-07 | The Sydney Morning Herald
BankTrack news BankTrack blog Partner news Partner blog

Tony Abbott's defence of the Carmichael coalmine is passionate but baseless

2015-08-07 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Adani could pull out of USD16.5 billion project

2015-08-07 | Townsville Bulletin
Blog
BankTrack news BankTrack blog Partner news Partner blog

Commonwealth pulls out of Carmichael mega-mine

2015-08-06 | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

Adani's coal pariah the last hope for Queensland's Galilee Basin

2015-08-06 | The Australian Financial Review
BankTrack news BankTrack blog Partner news Partner blog

Adani and Commonwealth Bank part ways, casting further doubt on Carmichael coal project

2015-08-05 | The Sydney Morning Herald
BankTrack news BankTrack blog Partner news Partner blog

Adani Enterprises share prices plummet

2015-07-28 | CQNews
BankTrack news BankTrack blog Partner news Partner blog

Greenpeace calls for Adani licence to be revoked over Carmichael mine

2015-07-22 | The Sydney Morning Herald
BankTrack news BankTrack blog Partner news Partner blog

Adani dissolves 50-strong project team from troubled USD16.5 billion Carmichael mine

2015-07-22 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Adani stands down major contractors

2015-07-21 | The Sydney Morning Herald
BankTrack news BankTrack blog Partner news Partner blog

Uncertain future for Adani’s Carmichael coal mine

2015-07-01 | Global Trade Review
BankTrack news BankTrack blog Partner news Partner blog

Queensland government denies delaying Adani's Carmichael mine

2015-06-24 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Adani halts engineering work on controversial Carmichael mine – sources

2015-06-23 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Indigenous Australians call on Standard Chartered not to fund coal mine project

2015-06-12
BankTrack news BankTrack blog Partner news Partner blog

Aboriginal landowners throw fresh legal challenge to Adani Group's Carmichael coal project in Australia

2015-05-30 | The Economic Times
BankTrack news BankTrack blog Partner news Partner blog

Australia Lures USD21 Billion Bet on Coal Rebound: Energy Markets

2015-05-24 | Bloomberg
BankTrack news BankTrack blog Partner news Partner blog

Don’t invest in Australia coal mines, scientists warn banks in bid to halt climate change

2015-05-22 | South China Morning Post
BankTrack news BankTrack blog Partner news Partner blog

Commonwealth Bank under pressure to rule out Galilee coal support

2015-05-21 | Tree Alert
BankTrack news BankTrack blog Partner news Partner blog

The financial case against Australia's largest coal mine

2015-05-14 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Standard Chartered vows to review role in Australian coal mine project

2015-05-06 | The Guardian
Blog
BankTrack news BankTrack blog Partner news Partner blog

Greenpeace activists protest Standard Chartered’s role in reef wrecking coal mine

2015-05-06 | Hong Kong | Greenpeace
BankTrack news BankTrack blog Partner news Partner blog

Standard Chartered faces pressure to cut links to Australian 'carbon bomb' project

2015-05-05 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Queensland's miners will need a miracle to profit from coal now

2015-04-29 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Adani Mining feels heat over USD14 billion Galilee Basin coal mine gap

2015-04-28 | The Sydney Morning Herald
BankTrack news BankTrack blog Partner news Partner blog

Adani Carmichael mine to create 1,464 jobs, not 10,000

2015-04-28 | Brisbane Times
BankTrack news BankTrack blog Partner news Partner blog

Adani coalmine would not deliver jobs and royalties promised, land court hears

2015-04-27 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Adani Group in talks with Korea, China banks for Australia project

2015-04-22 | LiveMint
BankTrack news BankTrack blog Partner news Partner blog

The quiet death of the SBI-Adani loan agreement

2015-04-20 | LiveMint
BankTrack news BankTrack blog Partner news Partner blog

Adani’s Carmichael coal mine a step closer

2015-04-17 | The Courrier Mail
BankTrack news BankTrack blog Partner news Partner blog

Australian banks may still want to fund Adani’s disputed coal project

2015-04-17 | The Economic Times
BankTrack news BankTrack blog Partner news Partner blog

Adani project faces fresh trouble by Australian aboriginals

2015-04-15 | The Economic Times
BankTrack news BankTrack blog Partner news Partner blog

Adani, the new coal Tar Baby

2015-04-13 | The Australian Financial Review
BankTrack news BankTrack blog Partner news Partner blog

Adani has ambitious plan to open Carmichael megamine in Galilee Basin by 2017

2015-04-10 | The Courrier Mail
Blog
BankTrack news BankTrack blog Partner news Partner blog

Victory for the climate and environment: French banks pledge not to finance mega coal projects in Australia's Galilee Basin

2015-04-08 | Montreuil, France; Nijmegen, Netherlands | Friends of the Earth France / BankTrack
BankTrack news BankTrack blog Partner news Partner blog

India's Sysiphean task

2015-04-04 | The Sydney Morning Herald
BankTrack news BankTrack blog Partner news Partner blog

Any denial of loan unlikely to affect business: Adani Enterprises

2015-03-19 | LiveMint
BankTrack news BankTrack blog Partner news Partner blog

India's SBI to turn down Adani's $1 bln Australian loan request - sources

2015-03-13 | Reuters
BankTrack news BankTrack blog Partner news Partner blog

ASIC called on to investigate Adani

2015-03-12 | Sydney Morning Herald
BankTrack news BankTrack blog Partner news Partner blog

Risky future for Bowen and Galilee basins

2015-03-04 | Daily Mercury
BankTrack news BankTrack blog Partner news Partner blog

Nick Minchin lobbies foreign banks over Abbot Point investment

2015-02-11 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

'Green' bond issuance booming, but standards are unclear

BankTrack mentioned
2015-01-26 | Reuters
BankTrack news BankTrack blog Partner news Partner blog

Adani's $10-billion gamble

2015-01-18 | business today india
BankTrack news BankTrack blog Partner news Partner blog

The court case that could choke mining in Australia

2015-01-16 | news.com.au
BankTrack news BankTrack blog Partner news Partner blog

With Queensland election promises, and mining projects, it's wise to keep digging

2015-01-14 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Federal court asked to overturn Adani mine approval due to impact on Great Barrier Reef

2015-01-14 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Abbot Point: onshore dump would favour Adani, say coal miners

2015-01-12 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Adani terminal at MPT gets GSPCB notice for pollution

2015-01-05 | The Times of India
Blog
BankTrack news BankTrack blog Partner news Partner blog

Three French banks refuse to finance Galilee Basin projects

2015 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Standard Chartered and CommBank pull out of massive Carmichael coal mine

2015 | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Abbot Point dredge spoil dump site 'worst possible' for environment, documents show

2014-12-23 | ABC
BankTrack news BankTrack blog Partner news Partner blog

Adani's Queensland coal rail deal gets extension of time

2014-12-16 | ABC
BankTrack news BankTrack blog Partner news Partner blog

Big Banks Propping Up Dirty Coal Industry to the Tune of $89 Billion

BankTrack mentioned
2014-12-05 | The Huffington Post
BankTrack news BankTrack blog Partner news Partner blog

Activists Gun For Indian Billionaire's Great Barrier Reef Project

2014-12-02 | Forbes
BankTrack news BankTrack blog Partner news Partner blog

$1 billion Adani loan: Commercial decision or politics at play?

2014-12-01 | live mint
BankTrack news BankTrack blog Partner news Partner blog

Trinamool slams SBI's $1-bn loan to Adani group

2014-11-27 | Hindustan Times
BankTrack news BankTrack blog Partner news Partner blog

Australia's Partnership With an Indian Mining Giant Could Destroy the Great Barrier Reef

2014-11-25 | VICE News
BankTrack news BankTrack blog Partner news Partner blog

National Stock Exchange of India quizzes Adani on loan for Galilee Basin coal project

2014-11-19 | The Sydney Morning Herald
BankTrack news BankTrack blog Partner news Partner blog

Adani’s week of positives in an anti-coal atmosphere

2014-11-19 | The Australian Financial Review
BankTrack news BankTrack blog Partner news Partner blog

Long noses: Shell, GDF Suez, Samsung sweep Pinocchio Awards

BankTrack mentioned
2014-11-19 | The Economist
BankTrack news BankTrack blog Partner news Partner blog

Wise investment or fossil fools? Queensland backs coal as G20 moves the game on

2014-11-17 | The Sydney Morning Herald
BankTrack news BankTrack blog Partner news Partner blog

Banks invest record €66bn in coal sector

2014-10-30 | RTCC - Responding To Climate Change
Blog
BankTrack news BankTrack blog Partner news Partner blog

RAN Applauds Move by U.S. Banks to Reject Australian Coal Port

Abbot Point coal export project presents dire threat to climate and to the Great Barrier Reef
2014-10-27 | San Francisco | Rainforest Action Network
BankTrack news BankTrack blog Partner news Partner blog

Crunch time for coal frontiers as costs could scuttle

2014-10-08 | The Australian Financial Review
BankTrack news BankTrack blog Partner news Partner blog

Take it from us in India: the world needs renewables, not more Australian exported coal

2014-10-02 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

World’s NGOs warn UN of ‘greenwash’ in green bonds market

BankTrack mentioned
2014-09-23 | Environmental Finance
BankTrack news BankTrack blog Partner news Partner blog

Adani needs capital to fund Galilee coal project

2014-08-09 | The Australian Financia Review
BankTrack news BankTrack blog Partner news Partner blog

India’s Adani to proceed with $16b Queensland coalmine

2014-08-08 | The Australian Financial Review
BankTrack news BankTrack blog Partner news Partner blog

The great Australian coal race is on

2014-08-08 | The Australian Financial Review
BankTrack news BankTrack blog Partner news Partner blog

Increase in clean energy cess on imported coal: Adani, GVK and Tatas to redraw foreign assets

2014-07-14 | Business Standard
BankTrack news BankTrack blog Partner news Partner blog

Is GDF’s green bond issue really green?

BankTrack mentioned
2014-07-10 | Environmental Finance ($)
BankTrack news BankTrack blog Partner news Partner blog

Australian banks face more pressure over support for coal projects

2014-07-09 | The Sydney Morning Herald
BankTrack news BankTrack blog Partner news Partner blog

Queensland shelves A$10bn Great Barrier Reef coal port

2014-06-20 | Financial Times
BankTrack news BankTrack blog Partner news Partner blog

Australian coal industry caught in ‘perfect storm’

2014-06-19
BankTrack news BankTrack blog Partner news Partner blog

Adani Group to raise $2.5 bn through QIP, foreign loans

2014-06-18 | Business Standard
BankTrack news BankTrack blog Partner news Partner blog

India’s Ministry of Environment found Adani violated environmental conditions but company expected to be allowed Queensland mine

2014-06-16 | The Courier Mail
BankTrack news BankTrack blog Partner news Partner blog

Engagement actionnarial: la stratégie européenne des ONG

2014-06-05 | Novethic
BankTrack news BankTrack blog Partner news Partner blog

Coal demand falls globally; Adani,GVK to take a hit

2014-05-29 | The Economic Times
BankTrack news BankTrack blog Partner news Partner blog

Adani Group's Great Barrier Reef Project In Troubled Waters

2014-05-29 | Forbes
BankTrack news BankTrack blog Partner news Partner blog

Adani in landmark private bond

2014-05-24 | IFR Asia
Blog
BankTrack news BankTrack blog Partner news Partner blog

Deutsche Bank says No to Financing of Coal Harbor on the Great Barrier Reef

2014-05-22 | Frankfurt | urgewald and Market Forces
BankTrack news BankTrack blog Partner news Partner blog

Adani Enterprises may raise USD 1.5 bn via overseas bonds

2014-05-19 | CNBC
BankTrack news BankTrack blog Partner news Partner blog

Galilee Basin coalmine: Queensland government granted approval despite expert environmental concerns

2014-05-13 | ABC Net
Blog
BankTrack news BankTrack blog Partner news Partner blog

Is Deutsche Bank about to finance more reef destruction?

2014-05-12 | Melbourne | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

Adani's Oz coal mine gets okay

2014-05-09 | Business Standard
BankTrack news BankTrack blog Partner news Partner blog

Adani, GVK, Lanco seek to cut stake in Australian coal mines

2014-05-09 | Business Standard
BankTrack news BankTrack blog Partner news Partner blog

Adani arm to raise  $1.5 bn in overseas debt in 2014

2014-05-08 | India | Live Mint
BankTrack news BankTrack blog Partner news Partner blog

Queensland approves construction of one of world's biggest coal mines

2014-05-08 | Australia | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

No concerns for GVK at $560m Galilee deadline

2014-05-07 | News Store
BankTrack news BankTrack blog Partner news Partner blog

Forecaster says mining in Galilee won't go ahead

2014-04-24 | ABC
BankTrack news BankTrack blog Partner news Partner blog

Barclays and Citigroup Funded Worst of U.S. Coal Industry

BankTrack mentioned
2014-04-17 | Bloomberg
BankTrack news BankTrack blog Partner news Partner blog

Modi-fied rally in Adani stocks not backed by fundamentals

2014-04-14 | Business Standard
BankTrack news BankTrack blog Partner news Partner blog

12 more banks sign up to Green Bond Principles

BankTrack mentioned
2014-04-14 | Environmental Finance ($)
BankTrack news BankTrack blog Partner news Partner blog

Compensatory tariff issue: PSPC approaches APTEL

2014-04-12 | Hindustan Times
BankTrack news BankTrack blog Partner news Partner blog

Call to strengthen Green Bond Principles

BankTrack mentioned
2014-04-10 | Environmental Finance ($)
BankTrack news BankTrack blog Partner news Partner blog

Questions around economic benefits of rail development

2014-04-08 | ABC
private BankTrack news BankTrack blog Partner news Partner blog

Australia project: Adani, GVK expect financial closure by 2015

2014-04-02 | The Wall Street Journal
BankTrack news BankTrack blog Partner news Partner blog

Australia project: Adani, GVK expect financial closure by 2015

2014-04-02 | Livemint
BankTrack news BankTrack blog Partner news Partner blog

NGT quashes forest clearance to two coal blocks allotted to Adani JV

2014-03-25 | The Indian Express
BankTrack news BankTrack blog Partner news Partner blog

Adani may divest 50% stake in Australia mining, rail projects

2014-03-15 | Business Standard
BankTrack news BankTrack blog Partner news Partner blog

Anglo’s Port Exit Makes Indian Billionaires Last Backers

2014-03-07 | Bloomberg
BankTrack news BankTrack blog Partner news Partner blog

Greenpeace calls for Galilee Basin halt until threat to rare birds is assessed

2014-03-04 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Australia Coal Port Expansion Mandate Lapsed, Lend Lease Says

2014-02-26 | Bloomberg
BankTrack news BankTrack blog Partner news Partner blog

Greg Hunt approves dredging off Queensland to create huge coalport

2013-12-10 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Remote prospects in Adani's Galilee wish

2013-12-03 | Business Spectator
Blog
BankTrack news BankTrack blog Partner news Partner blog

Adani’s US$7bn Australian coal project unviable

2013-11-26 | Sydney | Greenpeace
BankTrack news BankTrack blog Partner news Partner blog

Doubts about Galilee Basin

2013-11-25 | ABC
BankTrack news BankTrack blog Partner news Partner blog

Nine firms submit preliminary bids for Odisha ultra mega power project

2013-11-25 | Live Mint
BankTrack news BankTrack blog Partner news Partner blog

Arguments heating up in Adani, Tata compensatory tariff cases

2013-11-07 | Business Standard
BankTrack news BankTrack blog Partner news Partner blog

Reality check for Aussie debt

2013-11-02 | IFR Asia
BankTrack news BankTrack blog Partner news Partner blog

Stranded assets, anyone? Testing times for the fossil fuel market

2013-10-17 | Renew Economy
BankTrack news BankTrack blog Partner news Partner blog

Adani Abbot Point Terminal Plans $1.2 Billion Debt Issue

2013-10-15 | The Wall Street Journal
BankTrack news BankTrack blog Partner news Partner blog

Adani Power Q2 net loss widens to Rs 1,072 crore

2013-10-06 | The Financial Express
BankTrack news BankTrack blog Partner news Partner blog

Talks Stall for Rio Tinto Stake in Coal Mine

2013-09-30 | The Wall Street Journal
BankTrack news BankTrack blog Partner news Partner blog

Environment ministry slaps Rs 200 crore fine on Adani group

2013-09-04 | Economic Times
BankTrack news BankTrack blog Partner news Partner blog

Adani pins hopes on dollar revenues from ports

2013-08-29 | Business Standard
BankTrack news BankTrack blog Partner news Partner blog

Reef port builder Gautam Adani facing fines over India breaches

2013-08-09 | www.theaustralian.com.au
BankTrack news BankTrack blog Partner news Partner blog

Investors worried how long Adani Group will keep its head above water

2013-06-14 | Business Standard
BankTrack news BankTrack blog Partner news Partner blog

Gautam Adani bullish on prospects for India energy

2013-05-19 | Financial Times
BankTrack news BankTrack blog Partner news Partner blog

Banks back ‘broader, more robust’ Equator Principles

BankTrack mentioned
2013-05-14 | Environmental Finance ($)
BankTrack news BankTrack blog Partner news Partner blog

Sustainability in the spotlight keeps banks on guard against greenwash

BankTrack mentioned
2013-02-07 | Business Review Weekly
BankTrack news BankTrack blog Partner news Partner blog

BankTrack not satisfied with new draft of Equator Principles

BankTrack mentioned
2012-10-17 | New York | Social Funds
BankTrack news BankTrack blog Partner news Partner blog

Beefed up Equator Principles fail to impress campaigners

2010-07-28 | ENDS Report
BankTrack news BankTrack blog Partner news Partner blog

Milestones: China’s Banks Face Call To Tighten Environmental Standards

BankTrack mentioned
2007-06-01 | Global Finance Magazine
Resources
Documents
Videos
Links
2024-02-01 00:00:00

India’s ‘New Era’ and Western Imperialism in 2023: The Adani Group and International Capital

Other document
2024-02-01 00:00:00 | Rupe India
2024-01-23 00:00:00

Coal Havens

The banks and loopholes keeping coal finance alive in Asia
BankTrack publication
2024-01-23 00:00:00 | BankTrack
2023-05-09 00:00:00

Annual report 2022

Annual report
2023-05-09 00:00:00 | Adani Group
2023-01-24 00:00:00

Adani Group: How the world’s 3rd richest man is pulling the largest con in corporate history

Other document
2023-01-24 00:00:00 | Hindenburg Research
2023-04-21 00:00:00

Centre for Financial Accountability's (CFA, India) data portal

Partner publication
2023-04-21 00:00:00 | Centre for Financial Accountability
2022-06-01 00:00:00

Adani Godda Coal Power Plant. An Achilles Heel of the Power Sector of Bangladesh

NGO document
2022-06-01 00:00:00 | Bangladesh Working Group on External Debt (BWGED)
2022-05-04 00:00:00

Stranded Assets in the Coal Export Industry? The Case of the Australian Galilee Basin

Other document
2022-05-04 00:00:00 | DIW Berlin - German Institute for Economic Research
2022-03-08 00:00:00

Annual report 2021

Annual report
2022-03-08 00:00:00 | Adani
2021-07-12 00:00:00

Adani's massive fossil fuel expansion plans

NGO document
2021-07-12 00:00:00 | Market Forces
2020-10-22 00:00:00

Investor Briefing: Adani Ports to haul Carmichael coal, exposing investors to reputational & financial risks

NGO document
2020-10-22 00:00:00 | Market Forces
2020-09-15 00:00:00

Dossier on the Adani Group’s environmental and social record

Preliminary Edition, September 2020
NGO document
2020-09-15 00:00:00 | Adani Watch
2020-09-25 00:00:00

Suitable Scrutiny

Queensland’s environmental law must be fixed so that there can be proper scrutiny of Adani Mining Pty Ltd’s suitable operator status
NGO document
2020-09-25 00:00:00 | Environmental Justice Australia
2019-11-14 00:00:00

Exiting coal. Is the French finance industry on its way?

BankTrack publication
2019-11-14 00:00:00 | BankTrack, Unfriend Coal
2018-11-01 00:00:00

Adani Mining press release on financing Carmichael coal mine

Company document
2018-11-01 00:00:00 | Adani Mining
2019-06-18 00:00:00

Annual report Adani Power 2017-2018

Annual report
2019-06-18 00:00:00 | Adani Power
2018-07-31 00:00:00

Adani Enterprises presentation

Company document
2018-07-31 00:00:00 | Adani
2018-03-31 00:00:00

Adani Power annual report 2016-2017

Annual report
2018-03-31 00:00:00 | Adani Power
2017-05-19 00:00:00

Risky business: health, climate and economic risks of the Carmichael coalmine

NGO document
2017-05-19 00:00:00 | Climate Council of Australia
2017-02-15 00:00:00

The Adani Brief

What governments and financiers need to know about the Adani Group’s record overseas
NGO document
2017-02-15 00:00:00 | Environmental Justice Australia
2017-02-01 00:00:00

The Adani files

A short history of corruption, destruction and criminal activity
NGO document
2017-02-01 00:00:00 | GetUp!
2015-07-11 00:00:00

Adani Power annual report 2014-2015

Annual report
2015-07-11 00:00:00 | Adani
2015-05-31 00:00:00

Briefing note: An overview of Adani Enterprises’ corporate restructuring

NGO document
2015-05-31 00:00:00 | IEEFA
2015-04-14 00:00:00

A review of the Adani group’s environmental history in the context of the Carmichael coal mine approval

NGO document
2015-04-14 00:00:00 | Environmental Justice Australia
2014-05-15 00:00:00

Adani Power annual report 2013-2014

Annual report
2014-05-15 00:00:00 | Adani
2014-05-05 00:00:00

Indian Power Prices

Briefing Note
NGO document
2014-05-05 00:00:00 | IEEFA
2014-03-10 00:00:00

Research Briefing: Adani’s record of environmental destruction and non - compliance with regulations

NGO document
2014-03-10 00:00:00 | Greeenpeace
2014-02-17 00:00:00

Impacts of the proposed Carmichael Coal Mine Project on the Black-throated Finch

NGO document
2014-02-17 00:00:00 | Greenpeace
2014-01-01 00:00:00

Adani Power annual report 2012-2013

Annual report
2014-01-01 00:00:00 | Adani
2013-11-26 00:00:00

Remote Prospects

A financial analysis of Adani's coal gamble in Australia's Galilee Basin
NGO document
2013-11-26 00:00:00 | IEEFA, Greenpeace Australia Pacific
2013-11-21 00:00:00

Coal Market Update November 2013

Britain and UN weigh in on coal debate in Warsaw
BankTrack publication
2013-11-21 00:00:00 | Greenpeace, BankTrack
2013-10-20 00:00:00

INVESTOR BRIEFING:

Adani Abbot Point Terminal Debt Issue
NGO document
2013-10-20 00:00:00 | Greenpeace
2013-09-23 00:00:00

Coal Market Update September 2013

Governments and international financial institutions waking up to the dangers of coal investments
BankTrack publication
2013-09-23 00:00:00 | Greenpeace, BankTrack
2013-07-23 00:00:00

Coal Market Update July 2013

Low prices take their toll on coal firms
BankTrack publication
2013-07-23 00:00:00 | Greenpeace, BankTrack
2013-06-30 00:00:00

ADANI ENTERPRISES LTD

Quarterly risk summary
NGO document
2013-06-30 00:00:00 | Greenpeace
2013-03-12 00:00:00

Coal Kills

An Assessment of Death and Diseasecaused by India’s Dirtiest Energy Source
NGO document
2013-03-12 00:00:00 | Urban Emissions in partnership with the Conservation Action Trust and Greenpeace India
2013-02-11 00:00:00

Research Briefing: Adani’s record of environmental destruction and non-compliance with regulations

NGO document
2013-02-11 00:00:00 | Greenpeace
2013-02-11 00:00:00

Adani’s record of environmental destruction and non-compliance with regulations

NGO document
2013-02-11 00:00:00 | Greenpeace
2013-01-31 00:00:00

ADANI ENTERPRISES LTD

Quarterly Risk Summary – 31 Jan 2013
NGO document
2013-01-31 00:00:00 | Greenpeace
2012-08-17 00:00:00

Draft CAG report on Coal Gate

Other document
2012-08-17 00:00:00

Can we trust Adani with the Great Barrier Reef?

Video from GetUp! Australia on Adani and the Great Barrier Reef in June 2014.
2014-06-17 18:30:55

Adani on EJOLTS map of ecological conflicts

Don't trust this company with our Great Barrier Reef

Campaign from GetUp! targeting Adani.

GetUp!'s campaign page on Adani

Market Forces campaign page on EFIC support of Adani

Take Action: Adani Ports funding must not be shifted to Carmichael coal

Market Forces campaign page

Stop Adani movement website

The Adani List: Companies that could make or break the Carmichael coal project

Blogpost by Center for International Environmental Law

Credit Rating Agencies and a Dynamic Climate Change Trajectory

Blogpost by Center for International Environmental Law

Update on the Adani Coal Export Terminal

Take action: State Bank of India is considering throwing away $1b of Indian taxpayers’ money on Adani’s Australian coal project

Adani Watch

Petition from Adivasis from Santhal Parganas from Jharkhand, India

StopAdani Action page

Updates

2023

2023-12-28 00:00:00 | Spyware found on phones of journalists investigating Adani

Indian journalists investigating the Adani Group have repeatedly been targeted by the highly invasive Pegasus spyware, a report by Amnest International has found. Anand Magnale, investigative journalist and South Asia Editor at the Organised Crime and Corruption Reporting Project (OCCRP), led an investigation into alleged stock price manipulation at Adani Group, and was then among those that Amnesty International found to have been targeted. The spyware's developer, NSO Group, saying that it only sells its product to governments, leading Amnesty International to call for India to investigate the attack and disclose whether it uses the spyware. The revelations raise fears for journalists in India holding the Adani Group to account.

2023-10-20 00:00:00 | Banks arrange $3.5bn refinancing for Adani

On October 20 2023, it was announced that Adani secured a USD $3.5bn refinancing package from its faithful international lenders, including Barclays, BNP and Deutsche Bank. The refinancing package will allow Adani to finance a USD $10bn acquisition of cement assets in India previously owned by Holcim Cement, a Swiss company. Singaporean DBS Bank, First Abu Dhabi Bank, and the two Japanese megabanks, Mizuho and MUFG, underwrote the three-year loan.

This loan is symbolic, as the largest evidence of financial confidence in the Adani Group since Hindenburg Research published allegations of financial fraud, leading to a $150bn dip in the Group's stock value.

2023-08-31 00:00:00 | New revelations about Adani Group's stock price manipulation through offshore shell companies

On August 31st, more evidence emerged of the Adani Group's use of offshore shell companies to manipulate its stock price. Investigations by the OCCRP, and reported on widely, including in the FT and Guardian, allege that close associates of the Adani family controlled shares in the company, allowing Vinod Adani, CEO Gautam Adani's brother and a key leader of the conglomerate, to manipulate the company's stock price. Vinod Adani's two associates controlled at least 13% of publicly traded Adani Group shares, through a complex "Russian doll" network of shell companies in Mauritius. Hindenburg Research, the originator of fraud allegations of Adani, said: "Finally, the loop is closed."

2023-04-04 00:00:00 | Adani Group's financial woes have spiraled in the past month

The recent financial turmoil for the Adani Group and its subsidiaries was sparked by a damning report at the end of January 2023 by Hindenburg Research, a US-based forensic financial research firm. The 2-year investigation into Adani Group's deeply corrupt financial practices stated that Adani has inflated the price of its subsidiaries' stock and undertaken accounting fraud over the course of decades. The financial impropriety and stock value manipulation have allegedly then eroded the group's ability to deliver on its debt commitments, adding genuine financial pressures to the reputational damage. Near-daily revelations have since been emerging of Adani's plunging equity value.

This is all relevant in several ways to BankTrack's work of scrutinising Adani's social and environmental impacts and its banking relationships: first, the revelations support the long-term accusations that the conglomerate has used offshore shell entities to siphon money from some parts of the business to others, which means the investments in and by any one Adani subsidiary are not necessarily insulated from others.Our work of ensuring accountability of financial investors in Adani thereby becomes murkier, with investors' exposure extending effectively to the entirety of the business's dealings. Second, Adani's major lenders have been called on to prop up key parts of the business in light of the pressure, for example the State Bank of India pledging to increase its equity in several subsidiaries as a means of supporting the Carmichael coal mine. Our work is as important as ever, as old lenders deepen their support for Adani's dodgy activities and new investors swoop in to capitalise on the turmoil. Third, there are signs that the company's setbacks have compelled it to step back from grander ambitions and focus on its core revenue generators – namely, the climate-wrecking ports and power that fuelled its rise. Finally, as Adani struggles to respond to its drop in share value (a loss of around $100bn market capitalisation), it has scrambled to issue ever more bonds (aiming to issue US $10bn this year, with US $8bn outstanding) – this makes the need even more urgent for all the major banks that underwrite these loans, all of which have BankTrack profiles, to pull out of Adani's corrupt empire.

2019

2019-06-13 00:00:00 | Adani Mining’s Carmichael coal mine project receives final approval

Adani Mining’s plan to build a 10 million tonnes open-pit thermal coal mine and associated infrastructure in the Galilee Basin of Queensland, Australia, has sealed the final approvals it requires to start construction. Lucas Dow, CEO Adani Mining, confirmed that the company had received advice from the Queensland Government’s Department of Environment and Science (DES) that the Groundwater Dependent Ecosystems Management Plan (GDEMP) had been finalised and approved.

2018

2018-09-12 00:00:00 | State and federal investigation launched into Adani's Carmichael water drilling

The Australian government will investigate allegations Adani has drilled illegal groundwater bores at its Carmichael mine site. Environment group Coast and Country has said it obtained aerial footage showing dewatering bores that were sunk without approval.

2017

2017-08-29 00:00:00 | Adani to begin construction of Carmichael coal mine in October

Indian mining giant Adani has announced it will break ground on the Carmichael coal mine in October. The facility’s first coal is expected in March 2020.

2017-06-06 00:00:00 | Adani gives green light to Carmichael coal mine project

Indian billionaire Gautam Adani has approved the Carmichael coal mine and rail project. Bank financing for the project is still lacking and the company is yet to secure its bid for a AUD 900 million infrastructure loan from the Australian federal government. The loan would build a railway to Queensland’s Galilee Basin, which would open up the region to the wider mining industry. Adani’s top executive in Australia, Jeyakumar Janakaraj, voiced his displeasure with “activists who sit in creature comfort and criticise us”.

2017-02-15 00:00:00 | Environmental Justice Australia reveals Adani's disastrous track record

A detailed legal research brief by Environmental Justice Australia has revealed Adani’s long history of illegal dealings, bribery, environmental and social devastation, as well as a collection of allegations of corruption, fraud and money laundering at the company. The Adani Brief demonstrates that Australian governments and potential financiers are exposing themselves to financial and reputational risks by backing the Carmichael project.

2016

2016-12-22 00:00:00 | Indian agencies investigate Adani

Adani Enterprises is one of several coal companies under investigation by India’s Directorate of Revenue Intelligence (DRI) for inflating the cost of imported coal. For a decade, the DRI has been investigating Adani entities that traded in diamonds and gold jewellery. Adani Enterprises was named in a 2011 report by Karnataka’s state ombudsman, after documents seized by police allegedly “indicate that money has been regularly paid to port authorities, customs authorities, [the] police department, mines and geology and even to MLAs/MPs.” Adani has rejected the allegations.

2016-03-16 00:00:00 | Green panel defers nod to Adani Power 1,600 megawatt project in Jharkhand

An environment ministry panel has deferred green clearance to Adani Power 's 1,600 megawatt thermal project in Jharkhand, India and has sought more information from the company. Adani Power (Jharkhand) Ltd, a subsidiary of Adani Power Ltd, is planning to set up 2x800 megawatt Paraspani thermal power project in Godda district of Jharkhand (source: www.moneycontrol.com).

2016-02-04 00:00:00 | Adani freezes investment in Carmichael mine until world coal price recovers

According to The Guardian: Adani has frozen its investment in Australia's largest proposed coalmine until world coal prices show a clear recovery, its executives have indicated in stock analyst briefings in India. The briefings even gave rise to speculation that Adani Enterprises, which has previously flagged spending USD4.1 billion on the Carmichael mine in north Queensland, might abandon its plans for the mine altogether amid a huge move by the company into solar energy.

2015

2015-08-05 00:00:00 | Adani and Commonwealth Bank part ways, casting further doubt on Carmichael coal project

According to The Sydney Morning Herald: The Commonwealth Bank's role as adviser to Australia's biggest coal project, Adani Mining's proposed Carmichael Mine in Queensland, has ended, dealing a heavy blow to its prospects and a significant victory for environmental groups.

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