Financial Daily from THE HINDU group of publications
Thursday, Jul 01, 2004
Financial Daily from THE HINDU group of publications Thursday, Jul 01, 2004 |
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Power Industry & Economy - Power Dabhol lenders nearing accord
Dinesh Narayanan
Mumbai June 30 INDIAN lenders to the Dabhol Power Company are likely to buy out foreign loans of about $310 million at a discount of about 35 per cent. DPC's lenders met here on Tuesday to negotiate a settlement that may ultimately help restart the 2184 MW, $3-billion integrated power and LNG project. At the meeting, while Indian lenders had continued to ask for a 40 per cent discount, foreign lenders are understood to have stuck to their offer of a 30 per cent cut. According to a source close to the negotiations, talks are heading towards a settlement that may see all parties agreeing to a discount of about 35 per cent. He said a definite structure is likely to emerge at the next meeting, a date for which is not yet fixed. The change of Government has given a twist to the story. The Finance Minister, Mr P. Chidambaram, was representing Enron, the original promoter of the project, as counsel. As a person associated with the project in a different way, Mr Chidambaram would also be privy to a unique perspective.
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