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August 10, 2001
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Money > PTI > Report August 10, 2001 |
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Tata Power to buy Enron stake in DPC 'if it makes sense'Bombay-based power utility Tata Power Company on Friday said that it will be interested in buying US energy major Enron's stake in the $3-billion Dabhol Power Company 'if it makes sense for the company to buy'. "We are watching Dabhol developments very closely and will conceivably think of buying it, if it makes sense for us," chairman Ratan Tata informed the shareholders at TPC's 82nd annual general meeting in Bombay on Friday. He said that DPC's 2,184 mw is liquefied natural gas-based power with costly tariff. Somebody has to buy the project, if its promoters were getting out of it, he said. Ratan Tata was answering shareholders' persistent queries and suggestions that TPC should take up the energy major's $1-billion 'at cost' offer and buy out the power plant which is ideally located near Bombay. Later, while speaking to reporters, TPC managing director Adi Engineer said that the power utility was 'waiting in the wings' for a proper opportunity after which the company 'will definitely look into buying the Enron stake in DPC'. He said that TPC would involve itself in this matter only after the imbroglio over payment of $48 million between DPC and its estranged partner Maharashtra State Electricity Board was sorted out. "DPC's asset is good. It is in fact a national asset which cannot be wished away," Engineer said. ALSO READ:
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