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Top India Bank Drags Its Feet on Billionaire Adani Coal Loan

  • Climate activists and shareholders have been opposing the plan
  • State Bank of India has been considering loan to Adani
Coal Production At New World Resources Ltd.'s CSM Coal Mine

Photographer: Martin Divisek/Bloomberg

Updated on

India’s largest bank hasn’t decided whether to help finance an Australian coal mine following mounting pressure from climate activists and investors, including BlackRock Inc.

Two senior State Bank of India executives, who asked not to be identified, said the bank was dragging its feet on extending part of a funding line of as much as $1 billion to Adani Enterprises Ltd., which plans to use the money for the controversial Carmichael mine. The bank’s executive committee, which will make the final decision, hasn’t had discussions about the loan this year, the officials said.