State Bank of India (SBI) on Monday said the fresh pledge of shares of three Adani Group companies was on account of the requirement to top-up the collateral for its coal mine project in Australia. The lender also clarified that it has not issued fresh loans to the group for the pledged shares. “No additional finance is extended by SBI against such shares pledged,” a SBI spokesperson said in a statement.
Adani Enterprises’ flagship project in Australia is the Carmichael mine and rail project, which aims to produce 10 million tonne per annum in coal, combined with a 200-km narrow gauge rail line through several locations in the country.
