01 Jun 2006
Despite the grim headlines, Sanjay Bhatnagar (MBA ’93) knows there’s a silver lining in Enron’s dark corporate cloud. In 1997, while supervising the company’s energy operations in South Asia, Bhatnagar worked with Andrea Miller, a member of Enron’s international finance team, on the $2.9 billion Dabhol power-plant project in India. As Enron began to emphasize energy trading over hard assets such as power projects and pipelines, the two independently decided to leave the company in 2000. They later reconnected in New York, and then became engaged last year.
Enron currently lives on as Prisma Energy International, a company formed to manage its physical assets, which, as it happens, are actively being sought after by private-equity groups from around the world. Said Bhatnagar, who has since founded THOT Capital Group, an energy partnership that buys power plants primarily in Europe, “The real story is what survived of Enron today. Ultimately, it’s the hard assets that are still successful” (Business Week, February 6, 2006).
Class of MBA 1993, Section I