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June 18, 2001
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Money > Business Headlines > Report June 18, 2001 |
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Maharashtra open to AES, but at new tariffsS Ravindran & Arijit De The Maharashtra government has no objection to US-based power major AES Transpower taking over the controversial Enron-promoted Dabhol power project as long as AES is prepared to renegotiate tariffs. State energy minister Padamsinh Patil said: "We have no objections to AES Transpower taking over the Dabhol power project. Enron is well within its rights to sell its stake to any other company. However, the new promoter of the project too will have to renegotiate the tariff and bring it down. If the tariff is brought down, the Centre too will be able to find buyers for the surplus power." Patil's statement assumes significance as senior executives of AES Transpower told Business Standard last week that they were interested in taking over the controversial Enron-promoted Dabhol Power Company. They have already held discussions with the financial institutions. Senior executives of AES Transpower are expected to visit India in July to hold discussions with the government on the issue. The $6.69 billion AES already has a presence in India. It holds the rights for distributing power in central Orissa in a joint venture with the state government promoted Grid Corporation of Orissa. It holds a 49 per cent stake in Central Electric Supply Company, which holds the distribution rights in a part of the stare. The balance 51 per cent is held by Gridco. AES, however, holds management control. In Orissa, it also holds a 49 per cent stake in the state promoted Orissa Power Generation Company. Again it has management control here despite not having majority stake. The US-based power major is now keen on consolidating its presence in India. If it manages to takeover DPC it will have control over the world's largest greenfield power project (2184 mw). Powered by YOU MAY ALSO WANT TO READ:
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