The approval, supporting separate mining projects planned by Indian conglomerates Adani Enterprises and GVK, came as a surprise. The new Labor government had been seen as less supportive of the coal industry than its predecessor conservative governmen
Terminal Zero (T0) will be constructed at the port of Abbot Point near Bowen town, Queensland, as per the Memorandum of Understanding inked between the company and Korea's POSCO.
Brinkerhoff, a project management and infrastructure consulting firm, will be Adani's PMC partner for the Phase 1 contract encompassing Adani's planned works for the Carmichael mine, North Galilee Basin Rail (NGBR) and expansion at the port of Abbot Point.
Adani Ports and Special Economic Zone Ltd said it would develop a dry bulk terminal at Kandla Port in Gujarat with an investment of about Rs 1,200 crore.
Infrastructure major GVK today said it has got the approval of the Australian government for its proposed 500-km long rail corridor from the Galilee Basin to the port of Abbot Point in the Queensland province.
Private sector ports have emerged as the most preferred India Infrastructure investment in recent times, says a report by Standard Chartered. StanChart recently initiated coverage on Mundra Ports SEZ with an outperform rating and a price target of Rs 201 per share.
India's coal, steel and power firms have been scouting for coal assets overseas to feed power plants at home. The energy-hungry nation aims to halve a near-14% peak-hour power deficit within two years
Local pastures seem to be insufficient for Indian companies now. With robust growth plans and plenty of funds in their kitty, the crème de la crème of India have been making numerous overseas acquisitions since the beginning of 2011. Moneycontrol.com gives you a lowdown on 10 such companies.
Adani Enterprises touched an intraday high of Rs 642 and an intraday low of Rs 630.05. At 09:19 hrs the share was quoting at Rs 636.45, up Rs 7.45, or 1.18%. According to Sources, The company has won bid to acquire Australia's Abbot Point for about AUS $ 2 billion, reports CNBC-TV18, quoting Agencies.