Financial Daily from THE HINDU group of publications
Friday, Mar 26, 2004
Financial Daily from THE HINDU group of publications Friday, Mar 26, 2004 |
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Corporate
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Alliances & Joint Ventures Tata Power to sign MoU with GAIL, BP for Dabhol bid Our Bureau
Ahmedabad , March 25 TATA Power Company Ltd (TPCL) is set to sign a tripartite agreement with GAIL (India) Ltd and British Petroleum later this month to jointly bid for Enron India's assets in Dabhol Power Company. Talking to the media here on Thursday, Mr Firdose Vandrevala, Managing Director, TPCL, said the company was also actively interacting with the Gujarat Government to enter the power distribution business in the State, which is scheduled to be privatised soon. The Tata Power decision confirming the MoU between the three companies comes a day after the GAIL board of directors cleared a similar proposal. The TPCL-GAIL-BP consortium is one among four entities in the race for Enron India's 65 per cent stake in the $2.9-billion (Rs 13,050 crore), 2,184 MW Dabhol Power Corporation. The other three are Reliance Industries, British Gas and Royal Dutch Shell. Mr Vandrevala was here to deliver a talk on the annual day celebrations of the CII, Gujarat chapter, highlighting SME linkages. Earlier, Air Commodore I.B. Bhasin, representing the Indian Air Force, said his organisation was currently holding discussions with several Indian companies for the supply of Air-Borne Radars. The Ministry of Finance was already considering a MoU that has been submitted by the L&T in this regard, he said. The IAF was now moving into the period where the low technology, non-critical spare part supply would be replaced by medium technology, critical components. Yet, there was a long way to go as the current level of supply was at Rs 50 crore as against a demand of Rs 3,000 crore, he said.
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