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BP joins the race for DPC pie

Despite uncertainty looming large over the sale of 85 per cent foreign equity in US power giant Enron Corp's Dabhol Power project, yet another global energy major BP has expressed interest in the idle 2,184-mw plant.

"BP has officially communicated its expression of interest in participating in the due diligence process of DPC on Thursday," the company said in a statement in Mumbai on Friday.

Confirming the receipt of BP's EoI, sources in financial institutions said the IDBI led consortium 'will now examine the validity of the EoI as last date for submission of the same has long expired on February 7'.

"We will take a legal view on this as per the parameters of the advertisement issued and decide whether or not BP qualifies for bidding for $3 billion plant,' sources added.

When contacted in, BP vice-president (gas and power) Shashi Mukundan declined to comment on the development.

In fact the company statement said that at this stage BP was not in a position to comment further until it undertakes the due diligence and has more comprehensive understanding of the project.

So far, IDBI has received bids from seven companies -- Reliance, Tata Power, Gas Authority of India, Gaz de France, BSES Ltd, Royal Dutch Shell and British Gas.

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