GAIL to hold 28% stake in Dabhol SPV

GAIL India will hold 28 per cent stake in the special purpose vehicle, being set up for the revival of $2.9 billion Dabhol power project.

"The new company, for revival of Dabhol project, will be registered in a week to 10 days time," P Banerjee, chief managing director, GAIL said in New Delhi.

Besides GAIL, the new company would also be promoted by power utility NTPC and domestic financial institutions.

The SPV will target to restart the ailing project by 2006.