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Adani unit takes 896.4M rupee hit on Carmichael project

Adani Enterprises Ltd. unit Adani Mining Pty. Ltd. took an impairment charge of 896.4 million Indian rupees, or about US$13.3 million, on the Carmichael coal project in Queensland, Australia, as the project's development continues to be hampered by delays and legal challenges, Bloomberg News reported May 11.

The impairment was booked in the quarter ended March 31. An Adani spokesman from Australia said the charge comes as the company had to duplicate studies and redesign elements of the project on top of additional labor costs.

Adani delayed the planned start of production for Carmichael to 2021 after failing to meet a March deadline to secure up to A$3 billion in project financing. First coal production from the project was initially targeted for 2020.