News

Adani’s finances under the spotlight

MINING giant Adani's finances have come under the microscope as a conservation group continues its legal battle to stop the Carmichael coal mine going ahead.

Coast and Country's barrister, Saul Holt, asked Adani Mining group financial controller Rajesh Gupta how the company's finances would change following the Adani group's restructure.

In January Adani Enterprises announced the demerger of its subsidiaries in ports, power and transmission would simplify the corporate structure and increase shareholder value.

But Mr Gupta said he could not answer what Adani's mining side's turnover would be post-restructure.

Adani Enterprises is the largest private power generation company in India.

The Carmichael Coal Mine and Rail Project's Environmental Impact Statement states supply from Queensland coal resources was key to meeting the company's target of generating 20,000MW of power from its power plants by 2020.

But Mr Holt argued Adani Enterprises would no longer be the largest power company after the demerger because its power component would be removed.

Mr Holt agreed with Adani's request to close the court for part of Mr Gupta's evidence due to its commercially sensitive nature.

Coast and Country argues the project in the Galilee Basin in central Queensland should not proceed because of climate change, groundwater and economic impacts.

The group also argues the endangered black-throated finch would be significantly threatened by the project.

Coast and Country's economic expert witness, Tim Buckley from the Institute for Energy Economics and Financial Analysis, is expected to give evidence in the Land Court in Brisbane next week.

Topics:  abbot point adani carmichael coal mine mining



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