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Domestic lenders to ready DPC package in a fortnight

Leading lenders to Dabhol Power Company will come up with a package for the troubled project within a fortnight, power secretary A K Basu said on Thursday.

Basu told newspersons in New Delhi that the committee of lenders of financial institutions will prepare a roadmap within two to three weeks to resolve the Enron issue.

The leading lenders to DPC are the Industrial Development Bank of India, ICICI and State Bank of India.

A crucial meeting of Indian lenders, and representative of the Maharashtra government and the power ministry was convened on Thursday by finance secretary Ajit Kumar.

Enron has decided to exit from the project following delays in implementation of the $3-billion project even as two to three top companies, including Tata Power and Hindujas, have evinced interest in acquiring the Enron stake.

IDBI executive director V P Singh said the committee of lenders of financial institutions will talk to prospective buyers and sellers so that the issue could be resolved out of court.

Singh said: "Everyone has to make sacrifices while refixing the tariff and financial institutions would work out how best this could be done for the project."

The representatives of financial institutions refused to divulge any other details of the roadmap that was planned saying, they were a party to the affair.

The others who attended the meeting included IDBI executive director A K Doda, IDBI legal advisor B D Ushir, ICICI CEO K V Kamath, ICICI executive director S Mukherjee and SBI MD Y Radhakrishnan.

UNI

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