Tuesday, 6 June 2017

Adani Enterprises soars 7% on green light for Australia coalmine project

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Adani Enterprises share price rallied as much as 6.6 percent in morning trade Tuesday after the chairman has given approval for coalmine project worth USD 4 billion in Australia.

"Adani Chairman, Gautam Adani, on Tuesday, gave the green light for the Carmichael mine and rail projects in Queensland," the company said in its filing.

"The largest single investment by an Indian corporation in Australia, which marks the official start of one of the largest single infrastructure (and job-creating) developments in Australia's recent history," Mr Adani said in a statement.

He further said the project will generate 10,000 direct and indirect jobs, with pre-construction works starting in September quarter 2017.

The company had already invested USD 3.3 billion in the project including buying bulk coal handling port at port of Abbot Point stralia coalmine project

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