SBI in trouble from French investor, Amundi, over planned RS. 5000 crores loan to Adani

SBI FINAL

By SAT Newsdesk

MELBOURNE, 30 November 2020: The French giant Amundi has informed the State Bank of India (SBI) that it will withdraw its SBI green bonds if it goes ahead with its reported Rupees 5,000 crore loan to Adani Australia for its controversial coal mine in Queensland.

An IANS report published in India’s ‘Business Standard says: “We consider SBI should not finance this project. Ultimately it’s their decision but we’ve been extremely clear on the fact that if they decide to do it, we would immediately disinvest,” Director of the Institutional Corporate Clients Division & ESG, Jean Jacques Barberis, was quoted as saying by a global wire service.

“Financing the mine would be in “total contradiction” to the SBI activities financed through its green bond, he added.

“We have engaged SBI asking them not to participate (in the loan) and now we are waiting for their answer”, he was quoted as saying.

The proposed Adani coal mine in Queensland has been criticized by environment activists as being pushing the area into an environmental disaster.

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