US multinational giants General Electric and Bechtel have bought Enron's 65 per cent stake in the controversial Dabhol Power Company, according to a Times of India report.
In the first phase, GE and Bechtel are increasing their stake in DPC by only 32 per cent, making them majority shareholders with a total holding of 52 per cent, said Times.
Sources said that once the dispute over the first phase of the project is sorted out, the two firms will formally transfer the rest of the 65 per cent stake, for which they have already received court permission, the newspaper said.
The Business Standard had reported recently that GE and Bechtel were in advanced discussions to buy Enron's 65 per cent stake in DPC for $22 million (around Rs 97 crore).
Meanwhile, the US Bankruptcy Court late on Thursday rejected Reliance Energy Ltd's bid to buy out the bankrupt Enron Corp's 65 per cent stake in the controversial Dabhol Power Company.
Reliance had offered to buy Enron's holding for $25 million, with a guarantee of an international bank.
The US court questioned the locus standi of REL for making its plea as the matter came up during a hearing on a plea made by GE and Bechtel to pick up 49 per cent of Enron's 65.15 per cent stake.
The attempt made by Maharashtra State Electricity Board, which holds 15 per cent stake in DPC, to buy the 65 per cent equity stake held by Enron Corp in the power project turned out to be a damp squib. The MSEB, which planned to buy the stake for $22 million through its subsidiary, Maharashtra Power Development Corporation Ltd, decided to back out fearing legal compulsions.
Meanwhile, sources said that Reliance suo moto, through US-based legal firms Greenberg and Traurig, had approached the US court with its plea. But the company did not receive support from the Indian government, the Maharashtra government or the IDBI-led consortium at the US court.
