Queensland to pick up substantial stake in Adani's Australia project.

Australia's Queensland state will pick up a 'substantial stake' to fund the port and rail road projects to evacuate coal from the Galilee basin as part of the $7-billion project promoted by Adani Enterprises, India's biggest importer of the fuel, chairman Gautam Adani said in an interview to ET.

The commitment made by the Queensland government is being cited by the Gujarat-based company as a show of confidence in a project that has been criticised by environmental activists and Indian opposition parties, especially after State Bank of India's memorandum of understanding (MoU) with the Adani group to lend $1 billion for the project. He pointed out that the controversy over this agreement was misguided as Adani had a 25-year relationship with India's largest commercial bank.


ET