Melbourne: Indian mining giant Adani’s plan to build one of the world’s largest coal mines got a new lease of life on Thursday after the Australian government gave its re-approval to the 16.5 billion controversy-hit project but with “strictest conditions” amid environmental concerns.
Shares of Adani Enterprises surged 13% on Thursday after mining giant Adani’s plan to build one of the world’s largest coal mines got a re-approval for the 16.5 billion controversy-hit project by the Australian government.
The stock jumped 12.9% to Rs 95.80 at BSE. On NSE, shares of the company soared 13% to Rs 95.90. Buying was also seen in other group stocks such as Adani Power that rose by 4.81% to Rs 29.40 and Adani Ports and Special Economic Zone gained 1.94% to Rs 330.50 on BSE.
Over two months after an Australian court revoked the environmental approval for the project, Environment Minister Greg Hunt signed the papers, giving Adani the re-approval with conditions imposed that take into account community issues and would ensure that the company meets the highest environmental standards.
The federal court in August had revoked the original approval due to a bureaucratic bungle over two vulnerable species — the yakka skink and the ornamental snake.
Meanwhile, Adani Australia welcomed the announcement and said the re-approval by the federal government made it clear that concerns have been addressed, reflected in rigorous and painstaking conditions.
Bureau Report
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