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January 30, 2001
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Enron will invoke Maharashtra's counter guarantee

US energy giant Enron Corporation's Indian unit has decided to invoke the counter-guarantee of Maharashtra to recover money owed by a state utility to its local power plant, the company said in a statement.

"With monthly bills outstanding for both November and December 2000, Dabhol Power Company has exercised its rights under the existing documents by drawing upon the Government of Maharashtra's guarantee," the statement said.

Dabhol Power Company, 65 per cent owned by Enron, supplies power to Maharashtra state.

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