Dear Dr. Lay:

I am writing this message to you after a few days on the ground in
India. The news from India continues to be grim and I have several
things that I want to discuss with you.

1. The news on the oil and gas front is not good as u probably have
heard by now. There is little chance that BG will get its request for
operatorship approved for various reasons that I can explain. If u like,
we can do the deal on similar terms with another party and close the
same very quickly. I have been contacted by a few people and could
deliver the same to you if there is an interest.

2. On the Dabhol front, I would like to urge that we meet and discuss a
few ideas that I have. I know that you are extremely busy at this time
but maybe next week I could come to Houston and we could find some time
to meet. I know that there might be a difficulty in non-Enron especially
ex-Enron people working this issue when u have a full internal team
already on the job... but I think that it maybe useful and apprpriate to
put those concerns aside and see if a solution could be found using any
and all available resources. There maybe ways that would prevent the
equity from taking a big write off at this time and get everyone moving
towards finding a solution.

In the meantime, there is a strong effort in India along the judicial
enquiry front to use it to derail the arbitration. Our friends there can
help us only if we are on the ground and give them some hope that a
solution is going to be found. The Indian government is not terribly
motivated at this time and if Enron does not creat options, it will not
result in a terribly good result for Enron either financially or from a
PR perspective.

Again, I know that with several issues occupying you at this time, this
may not be the most burning one. However we have had limited success at
a resolution so far and some other alternatives maybe worth considering.
If you permit, I would love to discuss them with you.

regards

Sanjay Bhatnagar
Chairman & CEO
THOT Capital Group
Tel: 646-505-1705
Fax: 646-365-3166
Email: sanjay@thotcapital.com
India Office: Suite 716, The Oberoi, New Delhi
Tel: 91-11-4363030
Mob: 91-98102-67215




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