Adani group companies reported a record capital expenditure of Rs 1.53 lakh crore (USD 16.1 billion) and an all-time high EBITDA of Rs 94,834 crore (USD 10 billion) in the 2025-26 fiscal year, signalling an accelerating infrastructure expansion cycle while maintaining leverage below its stated target.
Adani Enterprises' subsidiary Kutch Copper (KCL) and Australian Securities Exchange-listed Caravel Minerals on Thursday signed a non-binding memorandum of understanding (MoU) for collaboration on the Caravel Copper Project in Western Australia's Murchison region, for an undisclosed amount, according to a joint statement.
The aborigines alleged that Adani was misleading the public.
Hindenburg Research, the forensic financial firm that challenged the Adani Group, took its name from the infamous airship that burst into flames upon arriving in New Jersey in 1937. And the counter to its damning report against the conglomerate was dubbed 'Operation Zeppelin,' named after the German dirigible airships used for reconnaissance and bombing during the First World War.
An Adani spokesperson said that it was yet another attempt by activists to delay the project.
Australia's federal and Queensland governments are eager to see the mine built following the loss of more than 4,000 coal jobs over the past two years, but analysts and project finance experts believe Adani may have underestimated the challenge of raising funds for the project.
"Less than two week back, we faced a set of allegations from the US about compliance practices. This is not the first time we have faced such challenges. What I can tell you is that every attack makes us stronger," he said addressing the 51st Gems and Jewellery Award in Jaipur.
Adani has blamed opposition to its mine for delays in moving the $7 billion project to the construction phase
Adani described the meeting as warm and productive.
The final and last approval for the Adani group's long-delayed billion dollar mega coal mine project came weeks after a surprise election win of Australia's pro-coal ruling coalition led by Prime Minister Scott Morrison.
Was Adani able to clinch this loan merely as a result of his proximity to Prime Minister Narendra Modi?
"I am proud to announce the project has Final Investment Decision (FID) approval which marks the official start of one of the largest single Infrastructure -- and job creating -- developments in Australia's recent history," Gautam Adani said.
The Adani group had applied for the Northern Australia Infrastructure Facility loan for building the 388-km rail line to connect the Carmichael coal mine to the sea port.
The letter comes after a report by the London-based Financial Times, citing documents from George Soros-backed Organized Crime and Corruption Reporting Project (OCCRP), alluded to a "fraud" by the Adani Group by selling low-grade coal as high-value fuel in 2013.
The Queensland Government has declared the rail corridor as a Strategic Development Area, the statement said.
The federal court in August had revoked the original approval.
Sources said Adani had not been able to tie up any financing for the coal project
The $16.5 billion Carmichael coal mine project when completed would be one of the world's largest.
The Adani group struck first coal from its Carmichael, Australia project on Thursday and will start shipping to its customers according to schedule. With this, the project will not only lift the economic prospects of the hitherto barren Australian outback, but also help Indian power plants to source cheap coal. The project had faced protests from a section of population with several banks even refusing to fund it. The group, however, went ahead with the project which included construction of a brand new railway line connecting an Australian port to the mine -- situated 300 kilometers away in Queensland.
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However, Adani Australia has clarified on its Facebook page on Monday that in terms of quality of the coal it is almost 50 per cent better than that used domestically.
Virgin promoter to protest Adani's mining project in Australia, saying it will damage the Great Barrier Reef
Adani, which already has mining and environmental licences from the state government, requires the state approvals on management plans on the endangered finch bird and groundwater in order to commence the mine construction.
Media reports said the decision was mutual.
A total of 11 international banks have publicly distanced themselves from the project.
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Adani CEO Jeyakumar Janakraj said the Adani issue was not on the agenda of Jaitley's visit.
Adani's Carmichael project has been stuck in the approvals process for the past five years.
Raising the issue during Zero Hour, he said SBI has signed an MoU pledging one of the single largest loans to a corporate house despite five international banks refusing to lend to the Adani project.
It was in Kolar in 2019, during Lok Sabha election campaigning, that he made a remark on the Modi surname for which he was convicted of criminal defamation and stripped of his Parliament membership last month.
The key hurdle Adani needs to clear to secure loans for the Carmichael mine, rail and port project is dredging approval to expand its Abbot Point port.
Billionaire Gautam Adani-led Adani Enterprises on Monday entered into a pact with Australia's Linc Energy to buy the latter's coal assets for 500 million Australian dollars (about Rs 2,100 crore).
The stock jumped 12.9 per cent to Rs 95.80 at Bombay Stock Exchange.
Adani's plan to build one of the world's biggest coal mines in Australia has been hampered time and again
Australia's Ashleigh Gardner replaced compatriot Beth Mooney as Gujarat Giants' captain for WPL 2025.
Bank of New York Mellon Corp has pulled out of providing financial services to the Adani group and its Carmichael coal mine in Australia, saying the venture is incompatible with its environmental, social and governance rules.
Conservation group Coast and Country said that it has filed an appeal to the Supreme Court of Queensland for a judicial review.
The project includes a 300 kms rail line connecting Adani's planned Carmichael Coal Mine, Northwest of clermont, to the Abbot Point Coal port, near the Great Barrier Reef.
Adani's plan to build one of the world's biggest coal mines has been hampered time and again.
Environmental campaigners say they hope two outstanding court cases can still stop India's Adani Enterprises Ltd from developing a A$10 billion ($7.6 billion) coal project.
Leading the Opposition attack over the Adani-Hindenburg issue in the Lok Sabha, Rahul Gandhi on Tuesday linked Gautam Adani's meteoric rise to Prime Minister Narendra Modi's coming to power and said "magic" happened after 2014 that propelled the businessman from the 609th to the second spot on the global rich list.
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