MSEB pays Enron Rs 10 cr to tideover crisis
PRESS TRUST OF INDIA

MSEB pays Enron Rs 10 cr to tideover crisis

MUMBAI, FEB 2: In an effort to temporarily tide over payment criris, Maharashtra State Electricity Board (MSEB) today paid Rs 10 crore to Enron promoted Dhabol power company towards part payment of November bill.

``We have received Rs 10 crore from State Electricity Board as part payment of pending November bill and now, total outstanding till December 2000 stands at Rs 238 crore (Rs 79 crore for November and Rs 159 crore for Decmeber),'' DPC spokesperson said today.

Confirming the part payment made to DPC, MSEB sources said ``we have paid Rs 70 crore last month. But doubt, whether we will be able to make additonal payment in next few days as the Board has to service other obligations including L/C of coal suppliers.''

The bill for January was yet to be sent to MSEB, DPC spokesperson said.

Asked about invoking counter guarantee, DPC said, ``No, we have not invoked the counter guarantee as yet. DPC is disappointed that the Maharashtra government did not fulfill its contractual agreement to pay MSEB's liability within seven days period.''

``Maharashtra government's failure to pay the required amount has been conveyed to the government of India. We will be consulting with our shareholders and lenders for evaluating all options,'' DPC added.

Meanwhile, the State Government was yet to appoint a panel for reviewing the second phase of the Dhabol project.

Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.