‘SBI no billion dollar loan to Adani’ – screaming sign interrupts India’s first ODI vs Australia in Sydney

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  • Two protesters broke into the ground holding ‘NO 1 billion LOAN” keynameseo=”adani-loan” actualkeyword=”adani loan”>ADANI LOAN‘sign just after the sixth end of the match.
  • Protesters called on Indian Bank – State Bank of India for its reported 5,000 crore loan to the Adani The Australian mining company of Enterprises Ltd.
  • In 2014, SBI and Adani signed a memorandum of understanding for a billion dollar loan that ultimately failed as it became a political controversy.

Two protesters broke into the Sydney cricket ground with a sign reading “NO $ 1 billion ADANI loan”, addressing the State Bank of India, after the sixth of the first day-long international match between the ‘India and Australia.

The unusual invasion of the pitch was followed by security officials who took out the protesters, who appeared to have shattered the secure biological bubbles, under which matches are played amid the COVID-19 pandemic. Several protesters had also gathered outside Sydney Cricket Ground.

@stopadani

Protesters called on India’s largest lender, the State Bank of India, to
would have considering a loan of 5,000 crore yen ($ 0.67 billion) to mining company Adani Enterprises in Queensland, Australia.



In 2014, the SBI approved a billion dollar loan for the Carmichael project after Prime Minister Narendra Modi’s trip to Australia. However, he was dismissed after protests escalated and the Indian government-owned bank found itself at the reception of
an accusation of “crony capitalism”. Critics believed the loan was approved because Adani was a longtime Modi supporter.

The controversy over Adani mining projects in Australia


Adani acquired the Galilee Basin coal mine in 2010 and was expected to produce 8-10 million tonnes of thermal coal – allegedly of poor quality and high ash content – annually to generate electricity.

The coal basin is located in a pristine area, and this approval has been contested 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 endangered with its
rapid depletion of corals over the years. According to the site
StopAdani.com, Adani’s project will only further threaten the existence of the coral reef, as it will allow more than 500 vessels to pass through the Great Barrier Reef heritage area and “gain free access to 270 billion liters of the precious Queensland groundwater for 60 years, free “.

The mine development project also includes the construction of a railway line that will link the mine to the port of Abbot Point, thereby promoting exports. This infrastructure is estimated at around 3.3 billion dollars.

However, in 2019, Adani had
has received green light from the Queensland Department of Environment and Science (DES) and the company recently announced that it will start production in 2021 and for this the company is in talks with SBI for a loan, the reason for the Sydney Cricket protest land today.

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