Enron says India unit on schedule

Approximately 70 percent of the work on Enron`s controversial Indian power project is complete and the company hopes to meet the original schedule, according to a recent statement from Enron.

“Dabhol is about 70 percent complete and will be within months of its original completion schedule, even when we had a 14-month delay,” said Rebecca Mark, Enron Development Corp. chief executive. The 2,450 MW power plant is a (US)$2.3 billion project being built in phases. The first two phases, at 740 MW and 1,440 MW, are both to be completed by the end of 1997.

Dabhol Power Co., Enron`s Indian unit, was one of eight fast-track projects designed to lure foreign private investment into India`s power sector, but work was delayed by a political battle in India. Work on the project resumed late last year after renegotiation.