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Solution to Enron imbroglio to be found soon: Joshi

An amicable solution to the knotty problem of renegotiating the power purchase agreement with the Enron-promoted Dabhol Power Company will be found soon, Union Minister for Heavy Industry and Public Enterprises Manohar Joshi said in Toronto.

''The Central government is optimistic about an early resolution to the dispute,'' the minister said, addressing a meeting organised by the Canada-India Business Council.

More than 25 top Canadian companies attended the meeting.

The minister said the Maharashtra government appointed renegotiation panel headed by Madhav Godbole was going into the matter in detail.

The project has been mired in financial disputes when its main customer, the Maharashtra State Electricity Board failed to pay several bills.

Dabhol has come under fire because of the relatively high cost of its power.

Referring to policy initiatives taken by the Indian government to attract foreign investment in power, Joshi said that the government had several measures to encourage foreign investors to invest in India.

In a separate meeting, Joshi was honoured by the president of Vishwa Hindu Parishad of Canada, L M Sabherwal, and the President of the Overseas Friends of BJP, Narender Bhalla.

Addressing a meeting of Indian community, organised by Marathi Bhasik Mandal, the minister called upon NRIs to invest in India.

Describing the community as 'true ambassadors of India', Joshi said the recent efforts of the government to liberalise the economy has made India an attractive place for foreign investments.

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The Enron Saga

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