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Spectator runs on to field with 'No $1BN Adani Loan' protest sign during first Ind vs Aus ODI

Spectator runs on to field with No $1BN Adani Loan protest sign during first Ind vs Aus ODI

Sydney: A spectator ran on to the field displaying a 'No $1BN Adani Loan' during the first India vs Australia One Day International match started here on Friday.

The protest sign was in objection to the State Bank of India's (SBI) decision to lend a one billion dollar loan to the mining conglomerate.

Adani group has been facing intense protests across Australia for the last few years and has particularly gathered momentum in the last one year.

A coalition named 'Stop Adani Alliance' is steering the protests and making the Indian billionaire's name a much deprecated one in Aussie's household. This trend is learnt to have forced the Adani Group to change its name to Bravus Mining and Resources recently.

The company has been at the center of controversy over its Carmichael Mine in central Queensland. The company is accused of breaking laws, endangering the reefs, natural resources and intimidating the local communities.

Many global financial houses including Goldman Sachs, HSBC, JPMorgan Chase, Allianz and more stepped back from financing the coal projects with specific reference to Adani Mining's activities.

There were reports that the State Bank of India (SBI) has agreed to offer Rs. 5,000 crore loan to Adani's Bravus Mining after concluding that the concerns related to the project were sorted out.

Both SBI and Adani had signed an MoU regarding a $1-billion loan in 2014. However, SBI backed off later as the project was entangled in controversies.

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