Bechtel Wins Court Order to Seize Indian Assets

Bechtel Wins Court Order to Seize Indian Assets

31 May 2005

Armed with a federal court ruling handed down Friday, an affiliate of Bechtel Corporation has attached all shares in Dabhol Power Corp. owned by a company controlled by the Indian state of Maharashtra, the country's commercial center and second largest state. Bechtel took action when the Indian company failed to meet a Friday deadline, set by an international arbitration panel last month, to pay Bechtel US$123 million for violations of its shareholder rights in the Dabhol power project, the largest foreign investment in India's history.