Australian project stuck, Adani to focus on India plans
With its $13-billion Australian coal mine project now on the back burner, the Ahmedabad-based, Adani group is now going to turn its focus on executing $20-billion (Rs 1,28,000-crore) of projects in India. With these projects – in the ports, power and infrastructure sectors – the group hopes to become one of India’s biggest industrial houses.
The fresh investment the group is planning is in addition to the Rs 50,000 crore it promised on Friday to invest in setting up urea, power and natural gas projects in Jharkhand.
Last week, the group had said it was stopping work at its Australia coal mine project due to delay in approvals from the local government. Though the local government said all approvals were in place, the decline in coal prices and lack of bank funding were seen as some of the reasons for Adani to go slow in Australia.
Analysts say it makes sense for the group to focus on its India projects, considering the number of projects it has announced or taken over since the Narendra Modi-led government took charge at the Centre.