SBI bank not for $ 1 bn loan to Adani's Aus project

June 16, 2015 11:59

'Seven months after India's largest bank signed a memorandum of understanding (MoU) with a corporate conglomerate, a big question mark hangs over whether the State Bank of India will advance a first-of-its kind loan of $1 billion or over Rs 6,200 crore to a group headed by Gautam Adani to part-finance what is supposed to become Australia's biggest coal mining project (and one of the world's biggest as well),' writes senior journalist and Rediff contributor Paranjoy Guha Thakurta in the Asian Age.

The reason for the bank's opposition, Thakurta writes, is that 'the project '" which includes building a railway line and redeveloping a port '" could damage the fragile ecology of the Great Barrier Reef, one of the great wonders of the world and the planet's single-biggest natural structure made by living organisms'.

He goes on to conclude: 'What is good for India should be good for the rest of the world. At least, that is the logic of those in the SBI who are opposing the bank sanctioning a loan for the Adani group.'

You can read the full article here.

« Back to LIVE

TOP STORIES

Supreme Court: ED can't arrest accused after...

A bench of Justices Abhay S Oka and Ujjal Bhuyan said when an accused appears before a court in pursuance of a summons, the agency will have to apply to the court concerned to get his custody.

Mamata's ploy to...: Cong's Adhir on INDIA olive branch

Chowdhury termed Banerjee as an "opportunist politician" who altered her stance after realising the changing political landscape.

11 killed in lightning strikes in Bengal's Malda

The district administration has announced a compensation of Rs 2 lakh each for the families of the deceased, he said.

Swati Maliwal 'assault': FIR registered against Kejriwal's aide

The BJP attacked Kejriwal after he refused to comment on the Maliwal "assault" matter during a press conference in Lucknow. He was flanked by Samajwadi Party (SP) chief Akhilesh Yadav and AAP Rajya Sabha member Sanjay Singh.

Rain in Hyderabad spices up IPL playoffs race

Thanks to a rain-washed match against Gujarat Titans, SRH climbs to 15 points in 13 games.