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Wade Cline optimistic about solution to DPC tangle

The chief executive of Enron Corp's Indian arm said on Monday he was optimistic about working through the company's payment dispute with a local utility.

"There are a variety of options facing us with the project. We are just trying to work through those," Wade Cline told reporters in New Delhi after a meeting with the finance secretary.

"We are having good meetings with the ministry, so we are optimistic," Cline said. He added that he had briefed the finance secretary ahead of Enron Corp chairman Kenneth Lay's meeting with Finance Minister Yashwant Sinha.

Lay is due to meet Sinha, the power minister and senior officials in connection with the payment dispute between Enron's Dabhol Power Co and the Maharashtra State Electricity Board which has defaulted on payments of $48 million to Dabhol.

Enron's project is the largest direct foreign investment in India. Its first phase of 740 MW was completed in 1998, while a second phase adding another 1,444 MW was almost complete when its contractor stopped work because of the dispute.

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