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Enron Mail |
As requested, I investigated potential government approvals or potential
political interventions if India assets/investments are sold. My understanding from the India CFO (in response to my query about approvals necessary for any sell-down like we are working on for Dabhol) is that it depends to whom we sell. If we sell to an Indian company, then the Reserve Bank of India (RBI) must approve taking dollars out of India. If a sale is made outside India, no Indian approvals are necessary. There are, however, many other approvals that would need to be obtained -- specifically from lenders and counterparties pursuant to project documents. I have not analyzed these financial-related approvals.
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