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July 9, 2001
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Money > Reuters > Report July 9, 2001 |
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Enron chief seeks quick end to DPC rowEnron Corp wants a quick resolution to a row over its troubled Indian unit but it is too early to say if the company will stay in India or exit, the US energy firm's chairman, Kenneth Lay, said on Monday. "We will work very hard to work out a solution to this problem that is good for India, good for the investors," Lay told reporters after meeting Union Power Minister Suresh Prabhu. "It was a productive meeting and we had constructive discussions. Dabhol is a difficult problem but we agreed that it needs to be resolved quickly," Lay said after an almost two-hour meeting with Prabhu. Enron's Indian unit, Dabhol Power Co, and state utility Maharashtra State Electricity Board, have been locked in a wrangle for more than six months over a payments dispute. In May, Enron issued a preliminary termination notice after MSEB defaulted on payments, and the utility, Dabhol's sole buyer, stopped taking power from the embattled $2.9-billion plant. Lay said Enron, which holds a 65-per cent stake in Dabhol Power Co, had still not decided whether it planned to pull out of India. "It is premature to say that. It will depend on the solution we are able to work out." "We have been and continue to be very committed to India. Enron and I personally have been very strong supporters of India," Lay said. Lay is expected to meet Union Finance Minister Yashwant Sinha on Tuesday, and officials of the western state of Maharashtra later this week. The Enron chief said the US firm and the government of India were working on various solutions, but did not give details. Earlier on Monday, Dabhol Power Co Managing Director Wade Cline said he was optimistic about resolving the row. "We are having good meetings with the ministry, so we are optimistic," Cline said after a meeting with India's finance secretary. 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. YOU MAY ALSO WANT TO READ:
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