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DPC seeks fund from IDBI for daily expense

The troubled Dabhol Power Company is finding it hard to pay wages to its employees and meet other day-to-day expenses after its promoter the US-based Enron Power Corporation filed for bankruptcy.

A company official confirmed that DPC had written to the financial lenders led by Industrial Development Bank of India seeking fund to pay its employees both at the plant in Ratnagiri, who are employed on a contract basis, as well as the handful few left in it's corporate office.

However, IDBI officials refused to comment on the issue.

Meanwhile, some contenders which bid to acquire 85 per cent stake of Enron, GE and Bechtel in DPC, have approached the Union Government to take away IDBI from the role of a facilitator in the sale-out process of DPC and suggested to refer the issue to the divestment ministry.

The seven contenders in the fray include Tata Power, BSES, Shell, Gas Authority of India, Reliance, Gaz de France, British Gas and more recently British Petroleum, which submitted ''expression of interest'' to pick up the stake.

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