Reuters reported that as global mining giants scale back their ambitions in Australia's coal sector, Adani is showing no such caution in pushing full steam ahead with a USD 4.5 billion project in a bet on rising Indian demand.

Mr Gautam Adani told Reuters in an interview “Our Australia plan is completely on the dot, as per schedule. We have our ready market, our own consumption, our own trading, country's need, country's need will improve, as well our aspiration of also entering the global trading market.”

Mr Adani expressed confidence in being able to secure funding for the Carmichael coal mine in Queensland by the end of the year even as lenders turn their backs on other projects in the resource rich country. Adani aims to start production in 2014 and build up to output of 60 million tonnes by 2020.

The mine is central to plans by Adani to secure coal to feed an expansion of the Adani Group's power production capacity in India, which suffered massive blackouts in July and August as the country struggles to meet electricity demand.

Source - Reuters

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