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Saturday, Feb 16, 2002

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TotalFina not to bid for Dabhol

Our Bureau

MUMBAI, Feb. 15

THE French energy major TotalFinaElf today announced that it was not going to participate in the sale of 85 per cent offshore equity of bankrupt Enron's Dabhol Power Company (DPC).

"The board has decided not to express interest in buying a stake in DPC nor has the company signed the confidentiality agreement," the TotalFinaElf spokesperson, Mr Jean Cluade Breton, said here.He expressed inability to explain the reason behind the energy major's step and said it was the multinational's global policies not to comment on details of their international decisions.

TotalFinaElf's exit has now opened the exit route of other parties which have submitted their expression of interest (EoI) to theIndustrial Development Bank of India (IDBI)-led consortium of Indian lenders on February 7.

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