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Energy giant walks out of Indian venture

NEW DELHI: Energy giant Cogentrix Energy Inc. has finally wound up its operations in a $1.3 billion thermal power project in southern India, a domestic news agency reported on Saturday. The 1,000-megawatt power project will now be managed by Hong Kong's China Light and Power International, a partner in the joint venture Mangalore Power Company formed to execute the project.

CLP share percentage will now rise to 100," Tom Watters, director for business development at Cogentrix, was quoted as saying by United News of India.

The news agency said Watters announced the decision on Saturday to Chief Minister S M Krishna, the top elected official of Karnataka state where the project is located. Cogentrix, based in Charlotte, North Carolina, had been working for seven years on the project.