Adani Enterprises will buy $1 billion coal mine from Linc Energy
Adani Enterprises has almost managed to obtain a coal mine from Linc Energy for $1 billion in Queensland, Australia. This mine is estimated to contain within itself 7-8 billion tonnes of coal reserves. This has been informed by the Adani Enterprises in a press meet and as per sources this has been a major deal for the Indian Inc.
Adani Enterprises has acquired the coal mine for its subsidiary, the Singapore based Adani Global.
From the $1 billion, Adani is supposed to part from the first tranche of $435 million in the following few days.
The remaining payment is slated to be made over the next few months.
Adani Enterprises has planned to invest largely in the project in order to produce a target of over 50 million tonnes of coal in the following 3-4 years.
However, the ultimate status of the deal is expected to be announced within mid-August of this year and Adani Enterprises has refused to say anything regarding the development of this project so far.