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Bechtel agrees to get out of Dabhol for $160 m
MUMBAI:
The Maharashtra Power Development Company Ltd (MPDCL), which holds 15 per cent stake in Dabhol Power Company (DPC), on Tuesday signed an agreement with Bechtel which involves a payment of $160 million to the major shareholder of the defunct power company, for settlement of its dues, sources said.
"We have signed release and settlement agreements with Bechtel following which the U.S. company has agreed to transfer its shares in DPC to us. The settlement involves a payout of $160 million to Bechtel,'' senior MSEB officials told PTI here.
Further, both sides had agreed to withdraw all litigations and Bechtel had agreed to help in restarting the project, they said.
The payment to Bechtel would be made by financial institutions through MPDCL, they added.
The legal documents were being completed in Mumbai as well as in London, they said, adding that Bechtel would not go ahead with the legal proceedings. — PTI
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