However, Kaul believes that the truth lies elsewhere. The MSEB's failure to pay its dues, he argues, was probably the outcome of the realisation that neither it nor the Maharashtra government would be able to afford the second phase. Worldwide, Enron has shifted its core business from generating power to supplying products like gas. Several of the team members, responsible for the establishment of the DPC have moved out of Enron, and the company has been suggesting for several months that it would be willing to sell its stake in the project - at the right price. The Enron board was meeting on April 23 to discuss among other things the DPC issue.
Speculation is rife that lenders for the Indian company have pulled out.
Some believe that Enron's real strategy now is to get out of the project after collecting the best possible price. That, many believe, would be an easy option for the company. In spite of the flaws in the report, there is little doubt that it has made clear that corruption had a lot to do with the DPC's birth. A detailed investigation alone can bring down the curtain on India's most controversial power project. Inc. All rights reserved worldwide.