New Delhi, Nov 17 : The State Bank of India is set to offer a Rs 5,000-crore loan to Adani Enterprises Ltd’s Australian mining company, now renamed Bravus Mining & Resources, as per media reports.
As per media reports, the loan agreement between SBI and Adani Group is nearly done and a ratification is expected from the bank’s executive committee soon.
This could mark the resurgence of on earlier controversy. SBI and Adani had entered into a memorandum of understanding in 2014 for a $1-billion loan. The loan was not executed after it became a political controversy.
Opposition parties had questioned the loan agreement at a time when the mining project was mired in controversy.
The Opposition had pointed out that five leading global banks – Citibank, Deutsche Bank, Royal Bank of Scotland, HSBC and Barclays – had declined to fund the project citing a decline in coal mining in Australia.
SBI had then walked back on the loan agreement stating that it was only an MoU and no money had been lent to the company.
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