The mine is said to host more than 11 billion tons of JORC-certified thermal coal. It plays a key role of Adani’s integrated mine, rail and port project.

Adani Group chairman and founder Gautam Adani said: "The MOU with SBI is a significant milestone in the development of our Carmichael mine.

"It is a unique asset that lies at the heart of our investment in Queensland and Australia, and aligns perfectly with our clear vision for delivering energy security in the Indian market."

The company said that the project is on track for first coal in 2017.

Adani is working to secure financing from the South Korean export credit agencies, and the US Export-Import Bank, reported Reuters.

The project is expected to create 10,000 jobs and generate $22bn in taxes and royalties to Queensland as well as allow the company to deliver cost-efficient power in the Indian market.