Adani Group dismisses banks’ coal project snub

Sydney: Adani Group on Thursday brushed aside a decision by three leading French banks not to fund huge coal industry projects in Australia’s Galilee Basin near the Great Barrier Reef, saying it had “no bearing” on the company.
Australia, last year, gave the green light to a $12.7 billion mine development by the firm, with the project set to play a major role in opening up Queensland’s resource-rich Galilee Basin. It also approved a major coal port expansion for Adani at Abbot Point on the Great Barrier Reef coast, subject to environmental conditions.
But several Western banks, including Deutsche Bank and Citigroup have ruled themselves out from providing funding for parts of the development, citing environmental concerns. They were joined on Wednesday by France’s Societe Generale, BNP Paribas and Credit Agricole.
An Adani spokesman in Queensland dismissed the French banks’ decision, telling AFP it “has not formally requested any financing from the institutions you have referred to”.
The spokesman added: “An institution ruling out something it was not requested to do has no bearing on this company.”
Source: Mint; 10 April 2015

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