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July 12, 2001
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Money > Business Headlines > Report July 12, 2001 |
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DPC may reverse stance, project likely to continueBS Bureaux The Dabhol Power Corporation may reverse its stance and complete the controversial $3 billion power project. The issue came up for discussion at a meeting of Enron Corporation chairman Kenneth Lay with Industrial Development Bank of India chairman SK Chakraborti. "We have told him that the project should be completed and he has agreed to the idea," Chakraborti. The meeting discussed the roadblocks towards the completion of the project. The inter-institutional committee, consisting of members of IDBI, ICICI and State Bank of India, will meet DPC Thursday to thrash out the issues. Meanwhile, Enron Corporation has reaffirmed his interest in India and hoped that a solution could be found to the vexed problem confronting the Dabhol power project. "I did not want to leave the country this time without reaffirming my interest in and support for India, and my strong belief is that there is great potential in this country. I hope that we will be able to find a resolution to this problem that allows us to move forward and realise that potential," Lay said in an official statement. Lay, who was on a three-day visit to India, left this evening. During his brief visit he met Union Finance Minister Yashwant Sinha, Power Minister Suresh Prabhu, Maharashtra Chief Minister Vilasrao Deshmukh, Shiv Sena chief Balasaheb Thackeray besides IDBI chairman Chakraborti. Lay said that there appears to be a sincere interest in a large number of parties to find a lasting solution to the problem. He also made it clear that the Dabhol project should not be viewed only as an Enron project as there were other stakeholders like General Electric, Bechtel and Maharashtra State Electricity Board. In addition, the US and Japanese governments were participating through the US Exim Bank, US Overseas Private Investment Corporation and the Japanese Bank for International Co-operation. Powered by YOU MAY ALSO WANT TO READ:
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