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National Australia Bank rules out funding for Adani’s project

National Australia Bank (NAB) has ruled out funding for Adani Group’s $12 billion mining project in the Galilee Basin of Queensland.

business Updated: Mar 17, 2017 22:01 IST
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National Australia Bank

National Australia Bank (NAB) has ruled out funding for Adani Group’s $12 billion mining project in the Galilee Basin of Queensland.

On Wednesday, The Sydney Morning Herald reported that NAB was not involved and has no plans to be involved in any financing of the Carmichael coal mine, citing the bank’s spokesperson.

The report also said that Adani Group had not approached NAB and the bank had not done due diligence on the coal project.

Over 10 international banks, including Adani’s former chief financier for Carmichael, Standard Chartered, and the Commonwealth Bank of Australia, have said that they have withdrawn from Carmichael project.

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