According to Reuters, the Indian businessman is pushing ahead with a $4.5 billion project in Queensland, betting on rising Indian demand.
In the report Adani expresses confidence that he will be able to secure funding for the Carmichael coal mine in Queensland by year-end.
He aims to start production in 2014 and build up output to 60 million tonnes by 2020.
His push to develop Carmichael comes as BHP Billiton, Rio Tinto and Xstrata have put investments on hold and cut jobs in Australia after sharp iron ore and coal price drops.
However, India, still reeling from what is being labelled the largest power failure in history, is hungry for coal and this is what Adani is banking on.
While there is a belief that Coalgate will stymie the domestic Indian coal industry, the nation’s government is pushing its coal authority Coal India to put its foot on as much coal as possible.
If a privateer is to do it, where is the harm in that?