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Adani met Australia PM Turnbull in New Delhi, and discussed about A$5 billion, says The Wall street Journal

 

Australian PM Malcom Turnbull and Indian PM Narendra Modi at Akshardham temple at New Delhi Photo: PM Narendra Modi's tweet account


Indian media, as usual, is busy with flashing off-beat photos of Australian Prime Minister Malcom Turnbull and his Indian Counterpart Narendra Modi, The Wall street Journal today flashed a exclusive story on the visit which is totally ignored by the Indian Media. Mr Malcom Turnbull kicked off his four day India tour on Monday. Both Turnbull and Modi were busy with visiting different locations in New Delhi including a ride in Metro and visit to Akshardham Temple.

Both India and Australia have, on Monday, reaffirmed their commitment to the conclusion of a commercially-meaningful Comprehensive Economic Cooperation Agreement (CECA), which addresses the priorities of both sides. In a joint statement issued at the end of talks between Prime Minister Narendra Modi and his Australian counterpart Malcom Turnbull, the two countries expressed their keenness to secure a timely conclusion of a high-quality Regional Comprehensive Economic Partnership (RCEP).

Indian media totally ignored the business deal held in camera. The Wall street Journal today broke the news that Prime Minister Malcolm Turnbull met with Adani Chairman Gautam Adani in New Delhi to discuss the Carmichael coal mine, which would be built just inland from the Great Barrier Reef and ship coal to India past its coral banks.

The Adani Group is in the process of building  Carmichael coal, railway and port project includes building Australia’s largest thermal coal mine in the north Galilee Basin approximately 160km north-west of Clermont in Central Queensland, linked by a new 388 km standard gauge rail line to a new terminal at Abbot Point Port near Bowen.

But, Adani's  Queensland coalmine project has been facing numerous legal challenges locally. Adani Group has been firm on its decision to go ahead   ahead with the project as bot the Australia and local governments are supporting the project.  Indian Prime Minister Narendra Modi being on his side, Gautam Adani is pursing to get financial benefits from Australia government.

Mr. Turnbull, in his meeting with Mr. Adani, assured top executives that the conservative government is preparing to fix issues surrounding claims to the land by indigenous people, clouding a final investment decision by the company. Legislation is set to go before Australia’s minority Senate within months.

According to The Wall Street Journal,

The pair (Adani and Turnbull) also discussed a possible loan from the A$5 billion Northern Australia Infrastructure Fund to help build a rail line to the mine. The fund is independently administered but overseen by Resources Minister Matt Canavan, who is from Queensland and a member of Mr. Joyce’s party who strongly backs building the mine.

The newspaper also quoted that Australia’s government has indicated strong backing for a loan of almost 1 billion Australian dollars for Adani’s project.

Deputy Prime Minister Barnaby Joyce said a A$900 million (US$675 million) concessional loan from a development fund is “a great idea” that would stoke jobs and growth, The Wall Street Journal quoted.

- GULAM SHAIK BUDAN

Posted on 11th April 2017

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