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Thursday, Jan 24, 2002

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Confidentiality agreement for Enron bidders

Archana Chaudhary

MUMBAI, Jan. 23

PARTIES interested in buying Enron's stake in Dabhol Power Company (DPC) will have to sign a confidentiality agreement "not later than" February 1 or 2 to ensure that due diligence ends on schedule, Mr P.P. Vora, Chairman, IDBI, told Business Line.

The Indian lenders' consortium led by IDBI had not prescribed a specific date for signing the agreement. But final, binding bids would have to come in by March 19, Mr Vora said.

He said the draft confidentiality agreement would be finalised shortly. He said all six interested parties - Tata Power, BSES Ltd, TotalFinaElf, GAIL, Royal Dutch Shell and Gaz de France - were still in the race.

Sources, however, said that finalisation of the draft agreement was delayed because of differences over the governing law. While Enron wanted the process to take place in New York, the Indian parties were keen on Mumbai. London has emerged as the compromise destination.

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