Rediff Logo
Money
Line
Home > Money > PTI > Report
November 12, 2002 | 1812 IST
Feedback  
  Money Matters

 -  Biz News Archives
 -  Corp News Archives
 -  Business Special
 -  Columns
 -  IPO Center
 -  Message Boards
 -  Mutual Funds
 -  Personal Finance
 -  Stocks
 -  Tutorials
 -  Search rediff

    
      







 Secrets every
 mother should
 know



 Your Lipstick
 talks!



 Need some
 Extra Finance?



 Bathroom singing
 goes techno!



 
 Search the Internet
         Tips
 Sites: Finance, Investment

Print this page Best Printed on  HP Laserjets
E-Mail this report to a friend

IDBI approves DPC power at Rs 2.80/unit; asks NTPC to inspect

In a bid to restart the Dabhol power project after 18 months, financial institutions led by Industrial Development Bank of India endorsed Maharashtra government's proposal to buy power at Rs 2.80 a unit and asked National Thermal Power Corporation to begin inspection of the plant.

Union Power Minister Anant Geete told this to reporters after holding a meeting of stake-holders -- GE and Bechtel, representatives of the financial institutions -- who have the largest exposure in the project that was started by Enron and officials of central power utilities.

After protracted legal battle, Enron had shut down the project last year, a decision that is believed to have caused considerable damage to the machinery, when Maharashtra authorities had objected to the high cost of power.

As part of the package, an expert team drawn from NTPC, GE, Bechtel and IDBI would jointly evaluate the technical aspects of the plant and machinery as well as the spares and give its report within a week to enable a final decision on restarting the project.

In case, the project is put on stream again, NTPC would operate on a contractual basis, Geete said.

"We are happy to hear from the representatives of all stakeholders like GE, Bechtel and others that the state of the plant was good and it, under no circumstances, should take 15 months to restart the generation," Geete said after an hour-long meeting.

IDBI and Maharashtra State Electricity Board would now approach the power regulator in the state with the new tariff proposal for approval, Geete said.

ALSO READ:
The Enron Saga
Monetary & Credit Policy 2002-2003
More Money Headlines

Back to top
(c) Copyright 2002 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

Tell us what you think of this report

ADVERTISEMENT