The settlement includes financial consideration in partial payment of various contractor claims for work completed but not paid and in exchange for the transfer of GE's ownership interest in Dabhol.
Announcing the settlement, Bayman stated, "This has been a long and complex process that GE believes has resulted in a fair and equitable resolution of all issues related to the Dabhol Power Project."
Dabhol restart to fetch GE $110 mn
He further added, "GE Energy is working closely with NTPC and BHEL to restart the idled Phase 1 of the power project and to complete the construction of Phase 2. We are pleased with the progress thus far."
"India is an important country for GE's global growth. We look forward to working with our partners, customers, state and central governments in helping India continue to develop into a leading world economy," Bayman added.