Companies & Sectors
Adani coalmine may not deliver promised jobs and royalties in Australia, says report
An economic consultant commissioned by Adani told an Australian court that state royalties to Queensland would range from $3.7 billion to $4.8 billion with 1,464 jobs created over 30 years and not 10,000 jobs and $22 billion the company has used in seeking government approval
 
An economic consultant commissioned by Adani told an Australian court that state royalties to Queensland would range from $3.7 billion to $4.8 billion with 1,464 jobs created over 30 years and not 10,000 jobs and $22 billion the company has used in seeking government approval 
 
Adani’s plan for Australia’s largest coalmine would deliver only a fraction of the jobs and state government payments promised by the company. 
 
According to a report from The Guardian, an expert economic witness for the India-based Adani group had told the Court that the Carmichael mine in central Queensland and the related Abbot Point coal port would generate 1,464 jobs and up to $4.8 billion in royalties.
 
"The figures are a far cry from the 10,000 jobs and $22 billion Adani has used in seeking government approval for the mine and a public relations campaign aimed at negating public opposition over its impact on the Great Barrier Reef through shipping and emissions," the report says.
 
According to the report, the new figures were revealed on Monday during a cross-examination of Adani witness Jerome Fahrer by barrister Saul Holt for the conservation group Coast and Country. 
 
"Fahrer, an economic consultant commissioned by Adani to model the outputs of its proposed 30-year coalmine, told the court that state royalties to Queensland would range from $3.7 billion to $4.8 billion when discounting for inflation. His modelling also shows a total of 1,464 jobs, which includes related indirect jobs generated by the mine, over 30 years," the report says.
 
Adani’s TV advertisements referred to “10,000 jobs, $22 billion in royalties and taxes invested back into Queensland communities”. The company’s Australian website referred to the project “generating around $22 billion in state mining taxes and royalties”.
 
A spokesman for Adani told the newspaper that the company stood by its “commitment to deliver $22 billion in taxes and royalties for Queensland”. The spokesman also claimed the “full context of Dr Fahrer’s modelling and its assumptions have not been disclosed”.
 

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COMMENTS

Babubhai Vaghela

2 years ago

High Level Corporate Cheating Supported by Politicians Need Curbing as Not in Public Interest. Gautam Adani is Exceeding All Limits. Presidential Directive should Stop his Sinister Activities.

Kingfisher ordered to pay ex-pilot Rs.52 lakh in dues
The Delhi High Court has directed the now defunct Kingfisher Airlines to pay over Rs.52 lakh to a female ex-pilot, on her plea seeking outstanding salary for a period of 21 months.
 
Justice Jayant Nath ordered the grounded carrier to pay Rs.52,61,450 with nine percent interest to the pilot.
 
Taking note of a contract letter between the parties that showed the break-up of the salary of the pilot, the court allowed her plea and said: "The suit is accordingly decreed for the said sum of Rs.52,61,450 with costs." 
 
"Plaintiff (pilot) shall also be entitled to pendent lite interest at nine percent per annum from the date of filing of the suit till recovery."
 
The pilot moved the high court last year through advocate M.K. Ghosh, saying the insecure financial environment had resulted in her suffering both professionally as well as financially.
 
The private airline has been grounded since October 2012.
 
The pilot joined Kingfisher in 2007 and her monthly salary was Rs.2.24 lakh but she was not paid any amount of salary from August 2012 to April 2014. 
 
As a result, she had to undergo a lot of financial hardships and had to liquidate all her assets to support her family, the plea said.
 
Seeking her salary, the pilot said that despite various oral and written reminders as well as personal visits, the airlines neglected to make the outstanding payment to her.
 
"It is clear from the company's conduct that it has no bonafide intentions to make the payment of the amount due to the plaintiff and it has absolutely no justifiable grounds for not making the payment of the outstanding amount, which has now been due for a long time," the plea said.

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COMMENTS

duru

2 years ago

what about the poor staff who have already gone hand to mouth and sitting at home jobless with a family to look after, and children's education fees tension sucking them with no income pouring in the house????
If this pilot is suppose to get, so are these poor people too who had given this ROBBER MALLYA their sweat and blood, or is he waiting somebody to come forward to commit SUICIDE????he has money to make calendars, but not pay the employees.

Reliance Group ends accord for Jharkhand power project
In a move that will cut by Rs.36,000 crore the future capital expenditure of Reliance Power, a part of the Anil Ambani-led group, the company announced on Tuesday that it has terminated the power purchase agreement of its 3,960-MW ultra mega project at Tilaiya in Jharkhand.
 
Citing the reasons for the termination, the company said the power purchase agreement required the procurers to hand over by February 2010 the land for the power station and the coal mines, as also the site clearance from the Ministry of Environment and Forests.
 
"However, the required land is yet to be made available. Even the forest land in the power station area, for which the Stage-II Forest Clearance was accorded by the central government way back in November 2010, has not been handed over till now," the company said in a statement.
 
"As regards the coal block, the land acquisition process is yet to get initiated, for which the application was submitted way back in February 2009," it added, with respect to the decision taken by it's wholly owned subsidiary, Jharkhand Integrated Power Ltd. (JIPL).
 
"Considering all these facts, JIPL has decided to terminate the PPA with the Procurers. This decision will reduce the future capex (capital expenditure) pipeline of Reliance Power by nearly Rs.36,000 crore."
 
The company said it pursued in vain with the state government for some five-and-half years and held more than 25 review meetings. But there was no movement forward from the authorities. It said based on the present estimates the project cannot be completed before 2023-24.
 
The decision, incidentally, comes against the backdrop of Reliance Power recently announcing that it has successful achievement full commercial operation of all the six units of another ultra mega power project -- the 3,960-MW capacity project at Sasan in Madhya Pradesh.
 
"It may also be mentioned that five units of 660-MW each totaling 3,300 MW were commissioned in just about 12 months. The Sasan project is the largest integrated power plant cum coal mining project at a single location in the world, involving investment of over Rs.27,000 crore."
 
Reliance Power was awarded the Tilaya project based on tariff-based bidding managed by Power Finance Corp, in February 2009. The company's special purpose vehicle was handed over this task in the same year. Power purchase pacts were also signed with 18 buyers in 10 states for 25 years.
 
For fuel security, the project was allocated Kerendari BC captive coal mine block.
 
The Reliance Power statement said with the completion of its first phase of capital investments of nearly Rs.50,000 crore, it has six operating plants with a capacity of nearly 6,000 MW, it said, adding that it will now focus on clean and green portfolio of renewable and hydro power projects.
 
With a debt to equity ratio of 1.5:1, one of the lowest in the power sector, Reliance Power remains a financially conservative company.
 

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