Adani signs MoU with Australia''s Carbon Energy for UCG assets

Mumbai, Feb 18 (PTI) Adani Group, today announced thesigning of a MoU with Australia''s Carbon Energy to set up ajoint venture to explore opportunities in the Underground CoalGasification (UCG) assets in India.

Adani Enterprises, the flagship company of Adani Groupand Carbon Energy will jointly bid for the UCG tender floatedby state-run Coal India, a company statement said here.

The MoU is valid for next 18 months during which thetwo companies are expected to jointly submit a bid to set upan UCG project as per Coal India''s prescribed requirements.

If successful, Adani Enterprises will bear all theexploration costs including those of Carbon Energy''s until ithas been successfully conducted and a suitable UCG reserve hasbeen established.

UCG is a process of converting un-worked coal into acombustible gas which can be used as fuel for heating, powergeneration, manufacture of hydrogen, syngas or even diesel.

"We have selected Carbon Energy as our technologypartner for this important submission to Coal India as it is aglobal leader of UCG and has superior technology that will beof tremendous help for the upcoming tender," Adani Group''sPresident- Corporate Planning, Harsh Mishra said.

"Carbon Energy will now be pursuing projects in threecontinents with the addition of India to our existinginterests in Australia and Chile, Carbon Energy ManagingDirector, Andrew Dash said.