Adani group to invest $6b in overseas expansion

MUMBAI, (Asia Pulse) - India's diversified Adani Group said it will invest US$6 billion in overseas expansion by 2015, mainly in Australian mining and related assets. "We will be investing US billion into our overseas assets (spread in Australia and Indonesia) by 2015," group Chairman Gautam Adani told reporters here after unveiling a new corporate identity.

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The Adani Group said the proposed investment is over and above the overall spending into the group's various business interests under its 'vision 2020'.

Adani said the funding will be a combination of debt, equity and internal accruals.

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The group has coal mines in Australia's Queensland state and a port at Abbot, which it had bought two years ago for nearly US$2 billion, making it the single-largest Indian investor. The group also has a coal mine in Indonesia.
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The proposed investments will go into developing the Abbot Port (Adani Abbot Point Coal Terminal) and the Galilee Basin coal mines along with constructing of a railhead between coal mines and the port that is around 500-km away.

The group's Australian arm Adani Mining Pty has commenced its exploration in the Galilee Basin.