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Australian court rejects green nod to $16-bn Adani project

Adani Group attributed the ruling to a 'technical legal error'; Commonwealth Bank withdraws from the project

An Australian federal court on Wednesday rejected the government's environmental clearance to the $16-billion (Rs 1 lakh crore) Adani coal mining project for not taking into consideration two endangered species,  the yakka skink and the ornamental snake. Within hours of the ruling, the Commonwealth Bank of Australia withdrew as an advisor to the project. Analysts said this would hit Adani Mining’s ability to raise funds. “With no bank ready to finance the project, it will become difficult for Adani to go ahead with the project. They will have to write off close ...