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Home--News GE, Bechtel Take Indian Government to Court The claim includes close to $120 million each of their investments and their shares of the market value of the DPC specified in the power purchase agreement signed by the Maharashtra State Electricity Board and guaranteed by the Union government. "We have attempted to resolve our legal and contractual claims but have been blocked at every turn", said Rick Smith, Executive Vice-President and Managing Director of Bechtel Enterprises. "Regretably this international arbitration demand must be made," he added. "We will continue to pursue a full recovery of these investments through all available means," said Scott Bayman, president of GE India. "At the same time, we remain committed to helping to restart this much needed power generation facility," he added. GE and Bechtel, the engineering and construction contractors and operational and maintenance contractors to the 740 mega watt power project with an investment of $3 billion. The project has been shut down after Enron pulled the plug for non-payment of its power payments by the state government. FAIR USE NOTICE. This document contains copyrighted material whose use has not been specifically authorized by the copyright owner. India Resource Center is making this article available in our efforts to advance the understanding of corporate accountability, human rights, labor rights, social and environmental justice issues. We believe that this constitutes a 'fair use' of the copyrighted material as provided for in section 107 of the U.S. Copyright Law. If you wish to use this copyrighted material for purposes of your own that go beyond 'fair use,' you must obtain permission from the copyright owner. |
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