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Adani again mulling sale of Carmichael project stake to raise funds

Adani Enterprises Ltd. is again considering selling a minority stake in the Carmichael coal mine in Queensland, Australia, after it said it would be unable meet a March deadline to secure up to A$3 billion in financing for the controversial project, Bloomberg News reported Feb. 22.

Since giving the go-ahead to begin development in June 2017, the Carmichael project has hit multiple snags, including a failure to secure funding from the Northern Australia Infrastructure Facility for the construction of a rail link and refusals by banks to lend money for the project.

In addition, it terminated a contract with Downer EDI Ltd. for the development of the project, with mutual consent, in December 2017 and intends to build the Carmichael project using an "owner-operator" model.