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El Passo replaces Enron in Kannur Power Project

Wednesday, 09 Aug 2000
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El Passo of the US signed an MoU with KPP Nambiar and Associates for setting up the Rs.1,471 crore, 513 MW naphtha-based combined cycle Kannur power project in Kerala.


El Passo replaced Enron International in the venture. Enron had withdrawn from the project following opposition from the Kerala state government to Enron’s equity participation in the project. El Passo would now pick up 74 per cent equity in Kannur Power Project Ltd. 24 per cent stake would be held by Kortech Corporation, the Mauritius-based subsidiary of KPP Nambiar and Associates. Kortech Corporation had been floated as a special purpose vehicle by KPP Nambiar and Associates for raising funds for the project.

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