NEW DELHI: Adani Enterprises has inked a pact to buy out Linc Energy 's royalty rights from the Carmichael coal project for AUD 155 million, the Australian firm today said.Australian government last month had cleared the proposed Carmichael coal mine project of the Indian conglomerate Adani in the Galilee Basin in central Queensland."Linc Energy is pleased to announce that it has entered into a binding option deed with Adani Group for the transfer of Linc Energy's benefits in and obligations under the Carmichael Royalty Deed to Adani. The option exercise consideration under the option deed is AUD 155 million," Linc Energy said in a statement.Linc Energy said Adani will pay to it "AUD 155 million consideration in two instalments: AUD 90 million in cash within five days of the exercise of the option and the balance AUD 65 million in cash on or before 12 months from the date of the signing of the deed of the assignment and assumption."No immediate comment from Adani officials could be received on the deal.Linc said option is expected to be exercised "between 60 and 65 days from the date of this announcement."The company said it considers the transaction to be of benefit to its shareholders given the current market condition and the projected time to first production from the Carmichael mines CEO and MD of Linc Energy, Peter Bond said,"Linc Energy has number of very good quality assets, the sale of Adani royalty for AUD 155 mn is a great example of one of these. And though I would have liked to keep this asset for the longer term it makes sense to start to cash up our balance sheet and commence to drop out the debt and focus on our world class assets."Bond said, "In addition the reality is the price of steaming coal has nearly halved since we sold the Carmichael coal asset to Adani four years ago and the risk of holding the royalty long term verses what we can do with the cash today does not add up for us."He added that the company is simply selling its non core good assets and cashing up so that it can focus on great core assets.Australia's Environment Minister Greg Hunt had last month had announced clearance to the Adani's Carmichael Coal Mine and Rail Infrastructure project, subject to 36 strict conditions.Hailing the decision, Adani Chairman, Gautam Adani said: "We welcome the Minister's approval of the Carmichael Mine and Rail project, which takes us another step closer to delivering our multi-billion dollar mine, rail and port development".The project, which was proposed and advanced under the previous state and federal ALP Governments, is estimated to have a resource value of USD 5 billion per annum over 60 years.At full export capacity, the project is expected to contribute almost USD 930 million to the Mackay region's gross regional product and USD 2.97 billion to the Queensland economy each year for the next 60 years.Shares of Adani Enterprises closed at Rs 478.20 apiece, down 0.99 per cent from their previous close on BSE.