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GE efforts to restart Dabhol

MUMBAI, APRIL 11. Minority foreign stakeholders of the $3 billion Dabhol Power Company (DPC) said today that the consolidation of foreign equity in the 2184 MW project would move the company closer towards restarting.

``Our position continues to be that a consolidation of foreign equity moves Dabhol closer to restarting. These actions are part of a comprehensive effort to reach a responsible settlement with various stakeholders,'' a GE spokesperson said in a statement here on Saturday.

GE, Bechtel and Overseas Private Investment Corporation (OPIC) have worked together to purchase most of Enron's equity in DPC and to resolve Enron's political risk insurance policy claim with OPIC, he said.

The statement comes in the wake of the U.S. bankruptcy court rejecting Reliance Energy (REL) higher bid to purchase Enron's stake in the troubled project two days ago. The U.S. Court ruled in favour of GE and Bechtel which had made a lower bid than REL as it did not have the backing of state government and the Indian lenders.

PTI

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