- Two protesters stormed the ground holding ‘NO $ 1B
ADANI LOAN ‘signs just after the sixth end of the match. - The protesters were calling the Indian Bank – State Bank of India for their reported loan of ₹ 5,000 crore to
Adani Australian mining company of Enterprises Ltd. - In 2014, SBI and Adani signed a Memorandum of Understanding for a billion dollar loan that was ultimately not approved as it turned into a political controversy.
Two protesters stormed the Sydney cricket ground with a sign reading ‘NO $ 1B ADANI LOAN’, addressing the State Bank of India, after the sixth match of the first one-day international match between India and Australia.
The unusual encroachment of the field was followed by security officers who removed the protesters, who appeared to have broken the secure bio-bubbles under which games are played amid the COVID-19 pandemic. Several protesters had also gathered outside the Sydney Cricket Ground.
The protesters were calling out India’s largest lender, State Bank of India, for reportedly considering a loan of ₹ 5,000 crore ($ 0.67 billion) to mining company Adani Enterprises in Queensland, Australia.
In 2014, the SBI approved a $ 1 billion loan for the Carmichael project after Prime Minister Narendra Modi’s trip to Australia. However, it was revoked after protests escalated and the Indian government-owned bank found itself on the receiving end of an indictment of ‘crony capitalism’. Critics believed the loan was approved because Adani has supported Modi for a long time.
The controversy surrounding Adani’s mining plans in Australia
Adani acquired the coal mine in the Galilee Basin in 2010 and was expected to produce, each year, 8 to 10 million tonnes of thermal coal – allegedly low-quality, high-ash content para – to generate electricity.
Ad
The coal basin is located in a pristine area, and this approval was rejected by environmental groups who believe it may affect the Great Barrier Reef.
The Great Barrier Reef, which is the largest coral reef system in the world, has already been in danger because its coral is rapidly depleting over the years. According to the StopAdani.com website, Adani’s project will only further threaten the existence of the coral reef, as it will allow more than 500 ships to pass through the Great Barrier Reef heritage area and also “have access to 270 thousand millions of liters of Queensland’s precious groundwater for 60 years, free ”
The project to develop the mine also involves the construction of a railway line that will connect the mine with the port of Abbot Point, helping exports. This infrastructure is estimated to cost around $ 3.3 billion.
However, in 2019, Adani had received the go-ahead from the Queensland Department of Environment and Science (DES) and the company recently said that it would start production in 2021 and for that, the company is in talks with SBI to obtain a loan. . reason for the protest at the Sydney cricket ground today.
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