US engineering firm Bechtel Corp is understood to have reached an agreement with the Maharashtra State Electricity Board (MSEB) of India to resolve the long-running dispute over the mothballed Dabhol power project.
According to reports attributed to the Indian government, wholly owned MSEB unit the Maharashtra Power Development Corp, which holds 14% of Dabhol, will pay $160 million to Bechtel to reach a settlement.
GE, which together with Bechtel holds 86% of the project, settled its claims against the state government recently.