Scott Bayman, president and CEO, GE India, on Saturday confirmed that GE has reached a comprehensive settlement of its Dabhol-related disputes with the central government, the government of Maharashtra and its entities and the Indian lenders to Dabhol. The settlement includes financial consideration in partial payment of various contractor claims for work completed but not paid and in exchange for the transfer of GE's ownership interest in Dabhol.
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Announcing the settlement, Bayman stated, "This has been a long and complex process that GE believes has resulted in a fair and equitable resolution of all issues related to the Dabhol Power Project."
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He further added, "GE Energy is working closely with NTPC and BHEL to restart the idled Phase 1 of the power project and to complete the construction of Phase 2. We are pleased with the progress thus far."
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