MUMBAI: Billionaire Gautam Adani-led Adani Enterprises announced its plans to go ahead with the troubled $16.5-billion Carmichael coal mine project in Australia which has been surrounded by controversies and faced several roadblocks over potential damage it could cause to the Great Barrier Reef.In a statement titled `Adani Project Gets Green Light', the company informed the bourses that it will start work on the project after the board of directors approved a final investment decision.“I am proud to announce the official start of one of the largest single infrastructure and job creating developments in Australia's recent history,“ Gautam Adani said in the statement.Last month, the Adani Group agreed to pay royalties on coal produced from the project to the Queensland government to help expedite the project. The decision further aggravated concerns over the viability of the project which is facing trouble in raising financing.Adani's announcement received flak from the Australian media.Even his announcement on Twitter got mixed reaction with some congratulating him, but many Australians criticising the company and saying that they will continue to fight to stop the project since it may cause damage to the Great Barrier Reef.“We have been challenged by activists in the court, in inner city streets, and even outside banks that have not even been approached to finance the project.We are still facing activists. But we are committed to this project,“ Adani said.Adani's head of Australian operations and chief executive Jeyakumar Janakaraj said the company has already invested $3.3 billion in the project, including buying the bulk coal handling port of Abbot Point. The company signed contracts for design, construction, operations, supply of materials and professional services on Tuesday .The biggest order places is worth $2.6 billion with Downer Mining for the construction and operation of Carmichael mine. The company has also announced in the past few weeks contracts totalling more than $150 million for infrastructure related to the rail link between the mine and Abbot Point.The project has been in the eye of controversies for the last seven years with environmental groups warning of severe damage to the Great Barrier Reef, but it faced a major setback in August 2015 after a federal court in Sydney revoked the environmental clearance given to the project citing that the project threatened the Yakka skink, Australia's native lizard and a species of ornamental snake found in the area.This decision was later reversed by the Australian government which gave it a green nod but imposed more conditions relating to community issues and environmental standards. The Adani Group had suspended work due to delay in approvals amid local protests and had lowered the investments target in response to fall in coal price.Reuters reported that Queensland Premier Annastacia Palaszczuk was present for Adani's announcement and even opened their regional headquarters for the project, saying the decision was a vote of confidence for the Queensland economy.The agency also reported that a group of religious leaders camped outside the Sydney-based Commonwealth Bank's headquarters to protest against the Adani mega coal mine project.Earlier there was a question mark on whether the company could go ahead with the coal mining project. But today they received a go ahead for it and the stock rallied, but this is purely a news flow.The bigger question is whether the Australian government has the political will to go ahead with it. The road for the stock isn't as clear as the market is taking it to be. It isn't advisable to buy into the stock until clarity is available on actual implementation.There could be some roadblocks coming from the local government but it looks to me that the company is committed to seeing the project through. The statement given by the company also indicates this confidence and the stock could rise from here. Investors can hold the stock at least with a one month view. But if they are not able to draw comfort from the current statement of the management, they are better served not to venture into it.