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June 11, 2001
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Money > Business Headlines > Report June 11, 2001 |
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DPC to seek MSEB nod for test-firing phase IIBS Banking Bureau Lenders to the Dabhol Power Company want the latter to revive the first phase of the project and test-fire the second phase without any delay. DPC, at its meeting with the lenders in Singapore, has said it will seek the Maharashtra State Electricity Board's permission to test-fire the second phase, which will be mechanically ready by June 30. It has also pointed out that the first phase is available for generating power, provided MSEB wants it. In other words, the onus of saving the project is with MSEB, which will be required to lift power to revive the first phase and permit DPC to test-fire the second. It is also required to activate the escrow account for the second phase. The lenders are keeping a close watch on the developments even as the DPC's challenge to the Maharashtra Electricity Regulatory Commission order is set to come up for hearing at the Bombay high court Monday. The lenders are planning to take a hard line to save the project. "We will play a more proactive role as a facilitator," said a source. In the worst case scenario, the lenders can invoke the equity ownership clause and take over the project since DPC shares are pledged to them. However, the source said, "the current situation does not warrant that. DPC has not yet defaulted in loan repayment and has not done anything to call for such drastic action." DPC is taking the views of the lenders seriously and is unlikely to do anything which may jeopardise the project. Powered by YOU MAY ALSO WANT TO READ:
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