India has sought 60 more days from an arbitration tribunal at London to respond to a claim of about $6 billion as compensation from GE and Bechtel, the foreign promoters of now-defunct Dabhol Power project in Maharashtra.
The Industrial Development Bank of India-led consortium may get the government's backing for taking over the outstanding dues of foreign lenders, as part of efforts to restart the troubled Dabhol Power project at the earliest.
Talks have begun between Indian and foreign lenders of the Dabhol Power Company in Singapore to buy out the latter's debt exposure of over $310 million in the beleaguered company.
The Maharashtra government has decided to allow MSEB to draw power from phase I of Dabhol Power Company at an optimum level of 83 per cent and tariff of about Rs 2.80 per KWH.
Domestic lenders to Enron Corp's $2.9 billion Dabhol power plant are considering applying to a local court for a stay on arbitration proceedings begun by foreign lenders, who want to exit the stalled project, said an official with a domestic lender.
The unconditional apology was tendered over the filing of an irregular affidavit opposing the panel's jurisdiction.
US energy major Enron Corp's original contractors for the $2.96-billion Dabhol power project will complete the unfinished LNG terminal to restart the stalled 2,184 MW plant by next year.
Maharashtra Chief Minister Vilasrao Deshmukh on Saturday said power generation in the energy-hungry state would grow by 2000 mw within a year with the Dabhol plant becoming operational again.
Qatar and Australia are likely to supply fuel for restarting the $3 billion Dabhol Power Project in Maharasthra from the fourth quarter of 2006.
The Supreme Court on Wednesday put an end to the vexatious litigation between shareholders of Dabhol Power Corporation - GE and Bechtel - and the Maharashtra government following an out-of-court settlement.
Terming the Dabhol Power project a "bump in the road", GE, a major stakeholder in the project, on Monday said delayed resolution has not affected the company's investment plans in India and suggested that NTPC should be given responsibility to operat
The ministry of finance has estimated that about Rs 1,800 crore (Rs 18 billion) would be needed to restart the Dabhol Power plant, lying idle for the past three years.
IDBI-led lenders will meet Naresh Chandra panel soon to discuss future course of action on the 2,184 MW Dabhol Power project, before proceeding for a final negotiation with overseas lenders on May 12 in London.
Industrial Developemnt Bank of India, the principal lender to the Dabhol Power Company, has finally declared the 2,184 mw power project as a non-performing asset.
The Supreme Court on Monday sought the response of key shareholders in Dabhol Power Corporation -- subsidiaries of GE and Bechtel -- on restarting the litigation-embroiled plant
Power Minister Anant Geete said on Tuesday that the finance ministry is considering a proposal to restart the Dabhol Power plant, now lying idle for nearly two years.
Lenders to bankrupt Enron Corp's $2.9 billion Indian power plant met for a new round of talks in Singapore on Tuesday to thrash out an agreement to revive the stricken project, an official said.
Tata Power Company has tied up with British oil major BP for a "joint evaluation" of Dabhol power project that has been lying idle and deteriorating for several months.
The government is expected to hold negotiations with the promoters of Dabhol Power Corporation -- GE and Bechtel -- next week for restarting generation at the power project.
Govt awaits GE, Bechtel response on DPC
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ExxonMobil-owned RasGas will supply liquefied natural gas by December to restart the Dabhol power project in Maharashtra, a top official said on Friday.
The government on Friday decided to stand guarantee to domestic financial institutions to settle foreign debts of Dabhol Power Project as part of its efforts to settle the issue and restart the power company.
GAIL and NTPC would pick up equal stakes in the defunct Dabhol project by pumping in Rs 500 crore each through a special purpose vehicle, GAIL chairman and managing director Prashanto Banerjee told reporters in New Delhi.
US-based General Electric, which along with Bechtel controls 85 per cent stake in the beleaguered 2,184-MW Dabhol Power Company, is open to sell its equity but wants its claims to be settled first.
The Union Cabinet is understood to have decided to constitute an empowered Group of Ministers to resolve the crisis plaguing the multi-billion Dabhol power project, promoted by the erstwhile Enron Corporation.
Indian lenders to the Dabhol power project would hold talks with foreign lenders over two days starting Thursday in Mumbai to buy out the latter's debt exposure in the troubled project.
The Industrial Development Bank of India-led consortium will meet the foreign lenders in London on Wednesday for taking over their outstanding dues in the troubled Dabhol Power project.
GE and Bechtel have put forward a three-pronged strategy to the Indian lenders, led by the Industrial Development Bank of India, to restart Phase I and complete Phase II of the $3 billion Dabhol project.
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