Company – ActiveThis profile is actively maintained
Company – ActiveThis profile is actively maintained
Why this profile?
A track record of environmental and human rights abuses, its ubiquity in global fossil fuel developments, and recent shocking revelations 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.
|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|
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.
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
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.
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 elephant habitat and the ancestral lands of the Indeginous 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).
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.
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.
Corporate Social Responsibility (CSR) Policy
Adani Loses $4 Billion As Questions About His Company’s Loan Repayments Trigger Stock Sell-Off
Adani Group Seeking More Time to Repay Debt Associated with ACC and Ambuja Cement: Report
We were cheated and intimidated! EACOP-affected communities want re-compensation
EXCLUSIVE: Adani Group’s China connection allegedly implicated in the coal-procurement scam
Adani Green, Adani Ports shares in focus as Adani group looks to refinance $1.15 billion bonds
Adani group firms pledge additional shares for key lender
The forgotten people in Adani's agenda of coal exploitation in India - a list of community conflicts
Throwing fuel on the fire: GFANZ members provide billions in finance for fossil fuel expansion
Japan’s megabanks: no net-zero banking ambition
Adani Carmichael Coal Mine destroying cultural artifacts of indigenous Australians
Indigenous Australians to investors: Dump Adani Group
Adani Group (financed by JP Morgan, MUFG, HSBC, BlackRock) is running an enormous fossil fuel project in Australia, violating Indigenous Rights
Legal advice says Deutsche Bank breaching own coal policy by financing companies building new coal mines
How Australia’s expanding environmental movement is breaking the climate action deadlock in politics
U turn? MNC banks now okay with Adani 'interest' in emissions-intensive industry
‘Highly implausible’ that new Galilee Basin coalmines would be profitable, study finds
Revealed: HESTA and other super funds investing in Adani coal mining subsidiary
Standard Chartered and Barclays fund Adani’s coal mining subsidiary
Indigenous custodians target Deutsche Bank for ‘breaking promise’ on Adani
Net zero vs zero ambition - the choice at Standard Chartered AGM
Who is still financing the global coal industry?
US bank BNY Mellon cuts ties with Adani’s Carmichael coal mine
Bank of New York Mellon involved in potential Adani coal deal
Standard Chartered shareholders challenge bank to live up to net zero promise on fossil fuels
New Adani mine project puts remote Indian villages at the coalface
Deutsche Bank, JPMorgan and Standard Chartered break promise and loan US$1 billion to Adani coal miner
State Bank of India still considering loan to “fully funded” Adani coal project
New bank links to Myanmar junta and atrocities found
Adani wants children to solve global warming while it makes things worse
185 organizations call on Canadian officials to hold ReconAfrica accountable for massive oil and gas plans
Nine international banks invest over US$24 billion in companies linked to Myanmar regime and atrocities
Arch Capital Group rules out underwriting controversial Adani coal mine
Top Indian bank drags its feet on billionaire Adani coal loan
HSBC shareholders seek exit from funding Adani's 'contentious' Australian coalmine
Siemens under pressure again over Australia mega coal mine
Major Lloyd's insurer Brit says it will not insure Adani's Carmichael thermal coal mine
Bravus (formerly Adani) accused of environmental breaches, amid concerns about 'significant erosion'
Adani Ports raises $500 mn selling 10-year bonds to foreign investors
DRA Global secures $108m contract for Carmichael project in Australia
Adani to Raise $2.5 Billion From Green Deal With Total
Big banks lead SBI bond despite Adani controversy
BlackRock, Storebrand pressure Indian bank over coal mining loan
Amundi gives bond warning to State Bank of India over Adani's Australian coal mine
“No 1B Adani Loan” Protestors Barge Into Sydney Cricket Ground In A Bid To Protest Against SBI
#StopAdani protesters tresspass into the INDvsAUS ODI match
State Bank of India set to offer Rs 5000 cr loan to Carmichael coal project in Australia
'We want them out': Traditional Owners block road to Adani coal mine in central Queensland
‘Indian plant exporting costly coal power to Bangladesh and not cheap renewable energy’
A message from Wangan & Jagalingou Traditional Owners
Queensland extinguishes native title over Indigenous land to make way for Adani coal mine
How one billionaire could keep three countries hooked on coal for decades
Adani still vulnerable on insurance for its Carmichael mine and railway
Adani’s coal mine obtains cover despite backlash
Queensland approval of Adani plan ‘unlawful’, say environment groups
Campaigners criticise 'reckless' approval of Adani mine in Australia
Adani Mining’s Carmichael coal mine plan gets the thumbs up
IEEFA Australia: Queensland government about to make poor economic decision on Adani mine
Non, merci! Rothschild & Co. walks away from Adani
From 2014 to 2019: How the Adani Group funded its expansion
Media Release: World’s biggest insurers will not cover Adani Group’s Carmichael coal mine
Korea Development Bank rules out financing the Adani Carmichael coal mine and infrastructure
Adani plans to draw 12.5b litres of water and there will be no environmental impact statement
Adani's rail line cut shows project is on life support but still a threat to climate
Carmichael the coal mega-project Adani just can't kill
State and federal investigation launched into Adani's Carmichael water drilling
Adani prosecuted over release of coal-laden water near Great Barrier Reef
Adani knew of Abbot Point pollution risk before spill, conservationists say
India's Adani sees six-fold rise in coal mining volume despite challenges in Australia
Adani says it still needs a loan for rail line if coalmine is to go ahead
Adani, coal, and the great Queensland water heist
Adani losses prompt mining company to shift away from imported coal
The war on coal is making the world’s top mine owners a lot richer
Report finds major banks ramped up fossil fuel financing to $115 billion in 2017
Federal government to lend money to Adani business associates
Chinese banks rule out Carmichael coal mine!
Adani Group: China Construction Bank won't grant loan, PR firm says
Profits of Adani's Carmichael mine company tumble, leaving it in financial peril
Abbot Point coal terminal: Westpac may not refinance Adani loan
Adani Loses Nearly All Its Investment On Mundra Power Plant
Adani will begin construction of its Carmichael coal mine in October
Indian opposition calls for investigation into Adani over financial fraud allegations
Carmichael coalmine: Commonwealth Bank indicates it will not lend to Adani
Adani will have to dig deep as banks shun Carmichael
New database reveals world’s biggest coal plant developers
Adani gives 'green light' to $16bn Carmichael coal mine
Westpac’s new climate policy rules out most new coal mines – including Carmichael!
Westpac’s new climate policy rules out most new coal mines – including Carmichael
Commonwealth Bank indicates it will not lend to Adani's Carmichael coalmine
‘More than half’ banks failing on human rights considerations, says report
Traditional owners vote to sack representatives who received benefits from Adani
Indigenous opponents of Adani's Carmichael mine to intensify court battle
Adani freezes investment in Carmichael mine until world coal price recovers
Indian coal barons’ USD10 billion global mine investments may flounder
NAB rules out funding Adani's Carmichael mine as buyer LG pulls out
National Australia Bank rules out funding Adani's Carmichael coal mine
Adani loses LG as big customer for Carmichael mine
How Adani group can get its USD7.2 billion coal mine project in Queensland back on track
Global insurer Aviva warns of 'grave reputational risks' of Carmichael mine
Adani cancels second bank, Standard Chartered, from Carmichael project
Standard Chartered quits controversial Carmichael coalmine in Queensland
Major UK bank ditches giant coal mine threatening Great Barrier Reef
Adani mine's fate may hang in balance for some time
Tony Abbott's defence of the Carmichael coalmine is passionate but baseless
Adani could pull out of USD16.5 billion project
Commonwealth pulls out of Carmichael mega-mine
Adani's coal pariah the last hope for Queensland's Galilee Basin
Adani and Commonwealth Bank part ways, casting further doubt on Carmichael coal project
Greenpeace calls for Adani licence to be revoked over Carmichael mine
Adani dissolves 50-strong project team from troubled USD16.5 billion Carmichael mine
Uncertain future for Adani’s Carmichael coal mine
Queensland government denies delaying Adani's Carmichael mine
Adani halts engineering work on controversial Carmichael mine – sources
Indigenous Australians call on Standard Chartered not to fund coal mine project
Aboriginal landowners throw fresh legal challenge to Adani Group's Carmichael coal project in Australia
Australia Lures USD21 Billion Bet on Coal Rebound: Energy Markets
Don’t invest in Australia coal mines, scientists warn banks in bid to halt climate change
Commonwealth Bank under pressure to rule out Galilee coal support
The financial case against Australia's largest coal mine
Standard Chartered vows to review role in Australian coal mine project
Greenpeace activists protest Standard Chartered’s role in reef wrecking coal mine
Standard Chartered faces pressure to cut links to Australian 'carbon bomb' project
Queensland's miners will need a miracle to profit from coal now
Adani Mining feels heat over USD14 billion Galilee Basin coal mine gap
Adani Carmichael mine to create 1,464 jobs, not 10,000
Adani coalmine would not deliver jobs and royalties promised, land court hears
Adani Group in talks with Korea, China banks for Australia project
The quiet death of the SBI-Adani loan agreement
Australian banks may still want to fund Adani’s disputed coal project
Adani project faces fresh trouble by Australian aboriginals
Adani has ambitious plan to open Carmichael megamine in Galilee Basin by 2017
Victory for the climate and environment: French banks pledge not to finance mega coal projects in Australia's Galilee Basin
Any denial of loan unlikely to affect business: Adani Enterprises
India's SBI to turn down Adani's $1 bln Australian loan request - sources
Nick Minchin lobbies foreign banks over Abbot Point investment
'Green' bond issuance booming, but standards are unclear
The court case that could choke mining in Australia
With Queensland election promises, and mining projects, it's wise to keep digging
Federal court asked to overturn Adani mine approval due to impact on Great Barrier Reef
Abbot Point: onshore dump would favour Adani, say coal miners
Adani terminal at MPT gets GSPCB notice for pollution
Three French banks refuse to finance Galilee Basin projects
Standard Chartered and CommBank pull out of massive Carmichael coal mine
Abbot Point dredge spoil dump site 'worst possible' for environment, documents show
Adani's Queensland coal rail deal gets extension of time
Big Banks Propping Up Dirty Coal Industry to the Tune of $89 Billion
Activists Gun For Indian Billionaire's Great Barrier Reef Project
$1 billion Adani loan: Commercial decision or politics at play?
Trinamool slams SBI's $1-bn loan to Adani group
Australia's Partnership With an Indian Mining Giant Could Destroy the Great Barrier Reef
National Stock Exchange of India quizzes Adani on loan for Galilee Basin coal project
Adani’s week of positives in an anti-coal atmosphere
Long noses: Shell, GDF Suez, Samsung sweep Pinocchio Awards
Wise investment or fossil fools? Queensland backs coal as G20 moves the game on
RAN Applauds Move by U.S. Banks to Reject Australian Coal Port
Crunch time for coal frontiers as costs could scuttle
Take it from us in India: the world needs renewables, not more Australian exported coal
World’s NGOs warn UN of ‘greenwash’ in green bonds market
Adani needs capital to fund Galilee coal project
India’s Adani to proceed with $16b Queensland coalmine
Increase in clean energy cess on imported coal: Adani, GVK and Tatas to redraw foreign assets
Is GDF’s green bond issue really green?
Australian banks face more pressure over support for coal projects
Queensland shelves A$10bn Great Barrier Reef coal port
Australian coal industry caught in ‘perfect storm’
Adani Group to raise $2.5 bn through QIP, foreign loans
India’s Ministry of Environment found Adani violated environmental conditions but company expected to be allowed Queensland mine
Engagement actionnarial: la stratégie européenne des ONG
Coal demand falls globally; Adani,GVK to take a hit
Adani Group's Great Barrier Reef Project In Troubled Waters
Deutsche Bank says No to Financing of Coal Harbor on the Great Barrier Reef
Adani Enterprises may raise USD 1.5 bn via overseas bonds
Galilee Basin coalmine: Queensland government granted approval despite expert environmental concerns
Is Deutsche Bank about to finance more reef destruction?
Adani, GVK, Lanco seek to cut stake in Australian coal mines
Adani arm to raise $1.5 bn in overseas debt in 2014
Queensland approves construction of one of world's biggest coal mines
No concerns for GVK at $560m Galilee deadline
Forecaster says mining in Galilee won't go ahead
Barclays and Citigroup Funded Worst of U.S. Coal Industry
Modi-fied rally in Adani stocks not backed by fundamentals
12 more banks sign up to Green Bond Principles
Compensatory tariff issue: PSPC approaches APTEL
Call to strengthen Green Bond Principles
Questions around economic benefits of rail development
Australia project: Adani, GVK expect financial closure by 2015
Australia project: Adani, GVK expect financial closure by 2015
NGT quashes forest clearance to two coal blocks allotted to Adani JV
Adani may divest 50% stake in Australia mining, rail projects
Anglo’s Port Exit Makes Indian Billionaires Last Backers
Greenpeace calls for Galilee Basin halt until threat to rare birds is assessed
Australia Coal Port Expansion Mandate Lapsed, Lend Lease Says
Greg Hunt approves dredging off Queensland to create huge coalport
Adani’s US$7bn Australian coal project unviable
Nine firms submit preliminary bids for Odisha ultra mega power project
Arguments heating up in Adani, Tata compensatory tariff cases
Stranded assets, anyone? Testing times for the fossil fuel market
Adani Abbot Point Terminal Plans $1.2 Billion Debt Issue
Adani Power Q2 net loss widens to Rs 1,072 crore
Talks Stall for Rio Tinto Stake in Coal Mine
Environment ministry slaps Rs 200 crore fine on Adani group
Adani pins hopes on dollar revenues from ports
Reef port builder Gautam Adani facing fines over India breaches
Investors worried how long Adani Group will keep its head above water
Gautam Adani bullish on prospects for India energy
Banks back ‘broader, more robust’ Equator Principles
Sustainability in the spotlight keeps banks on guard against greenwash
BankTrack not satisfied with new draft of Equator Principles
Beefed up Equator Principles fail to impress campaigners
Stranded Assets in the Coal Export Industry? The Case of the Australian Galilee Basin
Investor Briefing: Adani Ports to haul Carmichael coal, exposing investors to reputational & financial risks
Dossier on the Adani Group’s environmental and social record
The Adani Brief
A review of the Adani group’s environmental history in the context of the Carmichael coal mine approval
Research Briefing: Adani’s record of environmental destruction and non - compliance with regulations
Coal Market Update November 2013
Coal Market Update September 2013
Research Briefing: Adani’s record of environmental destruction and non-compliance with regulations
Can we trust Adani with the Great Barrier Reef?
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.
2019-06-13 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.
2018-09-12 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.
2017-08-29 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.
2016-12-22 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.
2015-08-05 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.