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Adani shares jump 7.5% after nod to Australia’s Carmichael coal project

LiveMint logoLiveMint 06-06-2017 PTI

New Delhi: Shares of Adani Enterprises on Tuesday surged 7.5% after the Adani Group gave the final investment approval for its Carmichael coal mine project in Australia.

The stock zoomed 7.18% to Rs126.10 at 11.10am on the BSE, while Benchmark Sensex traded at 31,269 points, down 40 points.

At NSE, shares of the company soared 7.48% to Rs126.30. “I am proud to announce the project has Final Investment Decision approval which marks the official start of one of the largest single infrastructure -- and job creating—developments in Australia’s recent history,” Adani Group chairman Gautam Adani said.

This is a historic day for Adani, a historic day for regional Queensland, and a historic day for Indian investment in Australia, he said.

The announcement comes just days after the Adani Group agreed to pay royalties on coal produced from its project after it struck an agreement with the Queensland government to help the controversy-hit project move forward.

Adani said the Carmichael projects will generate 10,000 direct and indirect jobs, with pre-construction works starting in September quarter of 2017.

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