Vince/Stinson,

Please find below a summary of the presenation given to Lenders at the April 23rd meeting in London.

The key points that emerge are:
Phase II will require commitments of about $700 MM to complete (Phase I+II Total $3.2 Billion)
Several commercial issues are getting severe in the current environment in India, could result in cost escalations
Makes the case that MSEB does not have the financial strength to absorb Phase II power
Management to seek authority to serve Preliminary Termination Notice (PTN), triggering a 6 month cure period

A copy of the full presenation is available.  

Regards,
Sandeep.