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DPC gets CCEA go-ahead for equity recast
Our Economic Bureau
New Delhi, Jan 24: The cabinet committee on economic affairs (CCEA) on Wednesday approved a proposal to restructure the equity structure of Dabhol Power Company (DPC). Briefing the press after the CCEA meeting, information technology minister Pramod Mahajan said, "foreign equity of $1,119.9 million will be contributed through Enron Mauritius Company. Earlier, foreign equity participation of Enron was $886.9 million in DPC."In the enhanced foreign equity participation, $434.2 million will be for Phase I and $685.75 million for Phase II at Dabhol, he added. This was neccesstated by the inability of the Maharashtra State Electricity Board (MSEB) to bring in finances for Phase II, he pointed out, adding the government, however, has given the right to the MSEB to buyback its shares if and when it has the resources. At present, MSEB holds 30 per cent equity in DPC. Enron was issued an approval to set up, own and operate a natural gas-fired combined cycle power station with a capacity of 1,920 mw. Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
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