adani aust. head quits $11 bln coal project

http://www.reuters.com/article/2012/05/17/adani-australia-idUSL4E8GH8RP2012051

May 17 (Reuters) - The Australian head of Adani Enterprises quit this week amid delays in getting approval for the Indian company's A$10.9 billion ($10.9 billion) coal and rail projects in Queensland.

"Adani Group CEO of Australian Operations, Jignesh Derasari, has left the company due to family reasons," an Adani spokeswoman said.

She denied a media report that said he had been forced out.

The role is being filled by Adani Group president of international business Harsh Mishra, who established the Australian operation, until a replacement is found.

Mishra was not available for comment.

Adani is looking to develop the Carmichael mine, at a cost of $4.1 billion, with the aim of producing 60 million tonnes a year of coal for export mostly to power stations in India.

The project involves building a 185-km rail line, estimated to cost $6.8 billion, according to the state government's project website (www.deedi.qld.gov.au).

Progress on the project has been much slower than Adani had hoped, with little chance of meeting its 2014 target for starting production.

Raising funds for the project, which Adani bought for $2.7 billion nearly two years ago, is going to be difficult, an investment banker not involved in the project said.

Adani has not advanced as far in the state approvals process as a rival project in the Galilee Basin being developed by another Indian firm, GVK Power & Infrastructure. GVK expects to begin construction early next year at best, with first production probably in late 2015.