Sinha, Lay talks inconclusive

By Our Special Correspondent

NEW DELHI, JULY 10. The visiting Chairman of the Enron Corporation, Mr. Kenneth Lay, called on the Union Finance Minister, Mr. Yashwant Sinha, here today to discuss the Dabhol Power Company's stalemate with the Maharashtra Government. However, the meeting remained inconclusive.

``We did not come to any conclusion and we did not expect to come to any conclusion. More work is required by us and the Government to review the project,'' Mr. Lay told presspersons after the meeting. But, it was in the interest of the Government and the country to revive the DPC project, which envisages an investment of $ 2.9 billion.

The Enron-promoted DPC and the Maharashtra State Electricity Board (MSEB) are currently engaged in a payments dispute which provoked Enron to serve a preliminary termination notice to the MSEB. The Board, in turn, stopped buying power from the 740 Mw phase I of the project. Enron, which holds 65 per cent equity in the Dabhol project, stopped construction of the II phase after completing 85 per cent of the civil and engineering works.

Dabhol CEO quits

Mr. Neil McGregor, president and Chief Executive Officer of the controversial Dabhol Power Company (DPC) of Enron, has laid down his office, electing not to renew his work contract that expired on June 30 last.

Mr. McGregor, a New Zealander, headed Dabhol through the construction and initial phase of the power project.

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