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Reliance not interested buying DPC: Ambani

Reliance Industries Ltd on Friday reiterated that it had no interest in picking up US energy major Enron's equity in the Dabhol Power Company, which is up for sale with a price tag of $1 billion.

"Our hands are full. We are not at all interested in buying DPC," RIL vice-chairman and managing director Mukesh Ambani told reporters at the sidelines of an award ceremony, organised by Dhirubhai Ambani Foundation.

Ambani's statement comes in the wake of Indian financial institutions intention to scout for a possible partner in order to save the $3-billion project.

Last week, the FIs had announced that few domestic companies had evinced in Enron's power project but refused to divulge details.

"Indian FIs headed by IDBI have been asked to talk to all the stakeholders including the main stakeholders, equity holders and at the same time talk to the possible buyers, to arrive at a possible alternative solution to this impasse," IDBI chairman P P Vora had said.

He said the FIs were negotiating with some companies, but it was not proper to disclose the names right now.

Financial institutions would meet finance secretary in two weeks time with a proposal to bailout Enron from the present crisis which has seen shutdown of 740 MW Phase-I of Dabhol Project and stoppage of construction work on the 1,444 MW Phase-II.

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