Adani and Posco agree to build rail line in Australia

Tags: Industry
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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Merger of FMC with Sebi could be precursor to a super markets regulator

    Finance minister Arun Jaitley’s decision to merge commodity market regulator FMC with market watchdog Sebi is a welcome step.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Simon J Evenett

Who blinked first, Greece or Germany?

Long dismissed as being stuck in our ivory towers, we ...

Kuruvilla Pandikattu SJ

Human bias towards happiness

There is a universal bias for positive words and ...

Shona Adhikari

Art world celebrates two ‘new’ Cezannes

The focus moves once more to post-impressionist Paul Cezanne, who ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture