SBI drags feet on loan to Adani firm for controversial Australian coal mine

Bank's executive committee, which will make the final decision, hasn't had discussions about the loan this year, reports Bloomberg.

People protesting against Adani's Carmichael coal mine project, at Bondi Beach in Australia. 	Photo: Reuters
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People protesting against Adani's Carmichael coal mine project, at Bondi Beach in Australia. Photo: Reuters

Suvashree Ghosh, Alastair Marsh and P R Sanjai | Bloomberg
India’s largest bank hasn’t decided whether to help finance an Australian coal mine following mounting pressure from climate activists and investors, including BlackRock Inc.

Two senior State Bank of India executives, who asked not to be identified, said the bank was dragging its feet on extending part of a funding line of as much as $1 billion to Adani Enterprises Ltd., which plans to use the money for the controversial Carmichael mine. The bank’s executive committee, which will make the final decision, hasn’t had discussions about the loan this year, the officials said.

The Carmichael mine has been the focus

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First Published: Apr 09 2021 | 7:39 AM IST

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