Representatives of the United States-based Overseas Private Investment Corporation have been in talks with stakeholders of Dabhol Power Company for the last 72 hours to find a solution to revive the project.

The OPIC team held discussions with Reliance & Tata groups, General Electric and Bechtel, senior institutional sources said.

The Tata and Reliance groups have evinced interest in acquiring the project, while GE and Bechtel hold 10 per cent each in the project with the chunk of 65 per cent being held by the beleaguered Enron Corp of the US.

Opic has a dual role in the project as a lender and political risk insurer.

Further, the team is also engaged in a continuous dialogue with lenders, institutional sources said.

The discussions between Opic and the stakeholders comes at a time when the domestic lenders are trying to buy out the foreign lenders exposure.

Earlier attempts by domestic lenders to buy out the offshore lenders expsoure at a steep discount had been turned down. "All options are still open," institutional sources said.

The power plant has been idle for over two years following a payments dispute between the Dabhol Power Company and the Maharashtra State Electricity Board.

At the time of the closure of the power plant, the first phase of 784 mw was operational, while the second phase of 1,444 mw was nearing completion.

A few months after the closure of the power plant, Enron Corp filed for bankruptcy in the US.