PREHEAT oven to 350° F. Lightly grease 9-inch pie plate.
PLACE flour, butter and vegetable shortening in food processor; cover. Process until creamy. Add corn and water; process until corn is coarsely chopped. Combine sugar, corn meal, evaporated milk, baking powder and salt in medium bowl. Stir in corn mixture until combined. Spread into prepared pie plate. Sprinkle with chili powder.
BAKE for 40 to 50 minutes or until firm and lightly browned around edge. Cool on wire rack for 15 minutes before serving. Scoop or cut into wedges to serve.