Statement by Bechtel on Dabhol Settlement
Bechtel took steps to convey its original 10 percent interest in Dabhol Power Company (DPC) to Newage Power Company Private Ltd., an Indian entity.
Bechtel and the relevant Indian parties agreed to cooperate to terminate all other legal actions in the Dabhol case. These include contempt citations against Maharashtra Power Development Corporation, Ltd. (MPDCL) and against a Bechtel affiliate and several directors. Bechtel will also lift its orders to attach MPDCL's shares in DPC and other assets.
Bechtel is very grateful that high-level representatives of the Indian government played a particularly constructive role in facilitating this agreement, allowing the Dabhol project to help meet the critical energy needs of Maharashtra's growing economy.
Finally, Bechtel is fully prepared to assist in the restart and completion of the facility. We will provide all our design drawings and construction records and make our team available should the new owners request such help.
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