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Wednesday, May 04, 2005

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MSEB, Maharashtra asked to pay $125 m to GE, Bechtel

Our Bureau

Mumbai , May 3

IN a significant judgment today, the International Arbitration Tribunal asked the Maharashtra State Electricity Board (MSEB) and the Maharashtra Government to pay $125 million to GE and Bechtel Corp as compensation for "appropriating the assets" of Dabhol Power Corporation (DPC).

Bechtel Corp and GE have controlling stakes in DPC, according to sources close to the development.

Meanwhile, it is learnt that IDBI may move the Bombay High Court to seek a mandate on restarting the Dabhol power project in the wake of the power crisis in the State.

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MSEB, Maharashtra asked to pay $125 m to GE, Bechtel

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