Judicial probe into all aspects of Enron deal
The Maharashtra Government today ordered a judicial probe into all aspects of the controversial Enron's Dabhol power project. The commission of inquiry will be headed by a retired Supreme Court judge, the Chief Minister, Mr Vilasrao Deshmukh, told newspersons here. The investigations are to be carried out on an urgent basis and reports to be submitted to the State Government. It will investigate the validity of approvals, sanctions, permissions, procured by DPC with other “involved parties” and the State Government at the time of signing of the PPA for the 2,184-MW project.
Development banks' credit profile under strain: S&P
International rating agency, Standard & Poor's, has rung alarm bells that India's development banks are “under pressure as they move toward universal banking” while it has affirmed 'BB' long term and 'B' short term credit rating on all-India development financial institutions (DFI) with negative outlook. The negative outlook is also reflective of the negative outlook on India's foreign currency sovereign rating. “IDBI's rating outlook is reflective of the negative outlook on the long-term foreign currency sovereign rating of the Republic of India,” S&P said in a statement issued on Wednesday.
Daewoo's engine plant closed
Daewoo Motors India Ltd (DMIL) today formally announced the closing of its engine and transmission plant at Surajpur, which has been lying idle since October last, forcing it to scout for a buyer. In a statement, DMIL said it had also signed an agreement with the workers union for a separation programme for the 237 workers affected by the closure of the plant.