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RIL not interested in Enron pie in DPC: Ambani

Reliance Industries Ltd on Tuesday categorically stated that it did not want to take over US energy major Enron's troubled Dabhol Power Project in Maharashtra.

"Reliance is not interested in Dabhol stake...and it was too premature to look at reasons as to why... ," RIL managing director Anil Ambani told reporters after announcing the company's quarterly results in Bombay.

He said the company plans to focus on its commitment for the existing oil and gas and infocom businesses in which it has lined up large investments.

Inquired about RIL's plans for the power sector, Ambani said that there was not much happening in the Indian power sector currently.

He said RIL was in constant consultations with BSES Ltd, a Bombay-based power utility, in which the company has nearly 30 per cent stake, to see what could be done to enhance the value of both the companies.

Referring to the company's proposed 500 mw power plant in Jamnagar, Gujarat, Ambani said it was awaiting final clearance of escrow agreement from the state government and would then achieve financial closure.

"We already have lined up the entire debt component for the venture," he added.

On the divestment of 13 per cent of RIL stake in Reliance Petroleum Ltd, Ambani said tender offers have been completed and subject to market conditions, the company expects the entire process to be completed this fiscal in tranches.

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