Crucial escrow meeting cancelled for a week

Vol 4, PW 23 (20 Dec 00) News in Brief

Gujarat has put back a crucial meeting to review progress in 17power projects from the original date of 15th December to 22nd December.

Controversy surrounds this meeting, chaired by Kaushik Patel, the state's Minster of Energy & Petrochemicals, following leaks that Gujarat is set to grant Reliance escrow cover for its 500-MW pet coke power project at Jamnagar. Like other projects, this one has been delayed because of a reluctance to announce a payment guarantee mechanism.

Observers expect protests from other power project promoters in Gujarat if Reliance gets escrow and they don't.