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  Business   Companies  06 Jun 2017  Adani Enterprise shares surge after coal mine deal

Adani Enterprise shares surge after coal mine deal

PTI
Published : Jun 6, 2017, 12:56 pm IST
Updated : Jun 6, 2017, 12:56 pm IST

Adani Group agreed to pay royalties on coal produced from its project.

Representational Image
 Representational Image

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

The stock zoomed 7.18 per cent to Rs 126.10 on BSE. At NSE, shares of the company soared 7.48 per cent to Rs 126.30. "I am proud to announce the project has Final Investment Decision (FID) 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.

Tags: adani group, adani shares, final investment decision