Adani Posco agree to build rail line in Australia

Written By Unknown on Jumat, 18 Juli 2014 | 23.25

"The rail project will lead to the opening of the Carmichael mine project which will deliver in excess of 10,000 jobs, and will also provide vital opportunities for Australian industry involvement," Adani Group said in a statement.

Adani Group  company, Adani Mining and Posco E&C, an arm of South Korea's Posco, today signed an agreement to develop a rail line to the Galilee Basin coal reserves in Queensland.

"The rail project will lead to the opening of the Carmichael mine project which will deliver in excess of 10,000 jobs, and will also provide vital opportunities for Australian industry involvement," Adani Group said in a statement.

The agreement gives exclusive rights to Posco E&C to be the EPC (Engineering, Procurement and Construction) contractor for the 388 km greenfield standard gauge rail.

The binding agreement has set clear pathways to execute the final contract by the end of this year, the statement said.

"It will provide vital opportunities for Australian Infrastructure development and contribute to energy security of India by lighting the lives of millions of Indians," Adani Group Chairman Gautam Adani said in the statement.

"The binding agreement will enable us to develop a cost efficient rail solution and this relationship gives Adani access to Korean market, Posco's expertise and capital," Adani Australia CEO and Country Head Jeyakumar Janakaraj said.

"This is the largest EPC project in the region for Posco E&C, and we will put in our best efforts to maximise our engineering, procurement and financing capabilities to successfully complete the construction," Posco E&C President and CEO, Tae-Hyun Hwang said.

Adani and Posco E&C will jointly manage the development of this rail line .

The Queensland Government has declared the rail corridor as a Strategic Development Area, the statement said.

Adani Enterpris stock price

On July 14, 2014, Adani Enterprises closed at Rs 416.95, down Rs 5.6, or 1.33 percent. The 52-week high of the share was Rs 585.00 and the 52-week low was Rs 126.05.


The latest book value of the company is Rs 91.24 per share. At current value, the price-to-book value of the company was 4.57.


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