GE, Bechtel Buy Enron Stake in India Plant
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Bechtel Group and General Electric Co., Enron Corp.’s partners in Dabhol Power Co. in India, bought 65% of the company to recoup part of the $1.2 billion they invested in the failed $3-billion venture.
Bechtel and a financing unit of GE bought Enron’s 65% stake in Dabhol for $22 million through the Bankruptcy Court in New York, a Bechtel spokesman said. The companies, the two main contractors for the plant, each had a 10% stake.
The purchase may help restart the 740-megawatt plant, idle for almost three years, and also provide a way for the Indian banks to get back some of $1.4 billion Enron and its partners borrowed to fund the project, the companies said.
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