March 19, 2017 / 6:36 AM / 2 years ago

India's Adani to finalize investment in Australia coal project by June

Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad in this April 2, 2014 file photo. REUTERS/Amit Dave/File Photo

MUMBAI (Reuters) - India’s Adani Enterprises said it would finalize an investment decision by June for its Carmichael coal project in Australia, which has been delayed due to protests from environmental groups.

Adani, a business group with interests in power and ports, has battled opposition from environmentalists for more than five years in its quest to develop a mine in the northern state of Queensland that would mainly export coal to India.

The company’s chairman, Gautam Adani, expressed optimism that the project would proceed and said the board would take a final decision on investments in May or June, including structure and planned funding.

“Definitely,” Adani said during an interaction with a group of reporters, when asked if he was confident the project would go ahead. “Our internal planning is 2020 ...(for) first coal to come out,” Adani added, noting construction could begin within three months of the board’s decision.

Reporting by Devidutta Tripathy; Editing by Rafael Nam and Himani Sarkar

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