Adani may sell stake in Australia Carmichael Coal mine amid funding delay

The financing delay is the latest hurdle for Adani, adding pressure to its ambition to deliver the first coal production from the mine by 2020

The battle to build one of the world’s biggest coal mines has suffered a fresh setback after Adani Enterprises Ltd. conceded it would fail to meet a March deadline to arrange A$3 billion ($2.3 billion) in financing for the project.

The December decision by the Queensland government to veto Adani’s A$900 million funding bid for a rail line meant financing would require more time to be secured, an Adani Australia spokeswoman said by phone Thursday. The Indian conglomerate said it will also consider selling a minority stake in its Carmichael project without providing further details.

The financing delay is the