Enron wants to pull out of Dabhol project

LONDON, JULY 27. The U.S. energy major, Enron wants to pull out of the Indian power project and expects the Indian Government to buy out its stake in the $2.9 billions Dabhol Power Project near Mumbai.

``We want to be out'' Mr. Ken Lay, Enron chairman, said in an interview published in the Financial Times today. He indicated that after stopping work on Phase II of the project, GE Capital and Bechtel were also interested in selling their stakes.

``We have made it clear to the Government we are now at a point where we would like to be taken out and we think most of our partners do'', Mr. Lay said. Mr. Lay was in India recently to salvage negotiations.

- PTI

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