CCFI clears Enron, other proposals

The Cabinet Committee on Foreign Investment has accorded final clearance including counter-guarantee to the U.S.-based Enron Development Corporation’s proposal for setting up a gas-based power project at Dabhol in Maharashtra in association with General Electric and Bechtel, also of the U.S. While Enron is to hold 80 per cent of the equity initially, the others would have 10 per cent each … With this, the Dabhol project which was the subject of a lot of controversy in recent months…has been cleared from all angles. This includes permission for foreign borrowings, clearance of its debt-equity ratio and the Centre’s guarantee for power generation payments to be made by the Maharashtra State Electricity Board to Enron.

Seshan seeks industry help

The Chief Election Commissioner Mr T. N. Seshan has urged the captains of industry “to stop dregs of society from occupying portals of power”. Addressing the CII, Southern Region, the CEC said, “Cash, corruption and criminality is the sum total of Indian elections. There is no law which says criminals cannot enter Parliament”. Mr Seshan suggested the motto on the national emblem be changed from “ satyameva jayate ” to “ rishvateva jayate ”.

Food items down in WPI

The WPI for all commodities (base 1981-82) declined sharply by 0.9 per cent to 286.7 from 289.4 during the week ended December 25, 1993 was due to condiments and spices becoming cheaper by four per cent, fruits and vegetables by two per cent, rice, ragi, and arhar by one per cent each. But bajra became dearer by four per cent, (and) poultry chicken and pork by two per cent each.

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