Indian billionaires shove for coal in Australia
Impelled by an insatiate requirement for energy back home, a number of Indian billionaires are thrusting to get their hands on Australian coal mines.
G.V.K. Reddy-led and Gautam Adani-led conglomerates have already invested billions in various Australian coal mining projects. The names of other Indian coal barons include Anil Ambani, Aditya Birla and Madhusudhan Rao who are have a presence in Australia. Adani Enterprises Ltd and GVK Group are in the headlines in recent times in Australia as they have put forward plans to construct a 500-km railroad to connect Queensland’s coal-rich Galilee Basin to the coast.
Carmichael is expected to produce 60 million tonnes of coal and is projected to be Australia’s largest coal mine. The Galilee Basin covers more than 247,000 sq km in Queensland and reportedly contains more than 14 billion tonnes of coal.
Various other Indian Companies also showed coal mining interests in Australia as they attempt to pump their operating or under-construction Power Plants in India.
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Month: Current Affairs - March, 2012