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Enron says it has no plans to divest stake in DPC

The US multinational was not pursuing the sale of its stake in the $3 billion 2,184 MW power project in Maharashtra, but will always consider a legitimate proposal 'if it made strategic sense', an Enron spokesperson said here.

Currently, Enron India holds 65 per cent in DPC, which includes MSEB's 15 per cent while General Electric and Bechtel hold 10 per cent each.

Over reports that Enron India was planning to shed its stake and had asked merchant bankers to find a suitable power, he denied any such development and reiterated that DPC had no such plans to move out of the project.

The spokesperson said Credit Suisse First Boston was still scouting for a suitable fifth partner for MSEB's stake.

Meanwhile, DPC lenders would meet on April 23 in London to discuss future course of the project amid the legal tangles involving both the Centre and state government.

Given the fragile circumstances over a four-month long financial fued on non-payment of December and January bills of Rs 1.02 billion and Rs 1.11 billion respectively by State Electricity Board, the spokesperson said DPC had already resorted to the legal course and in the process served a political force majeure and three arbitration notices to state government.

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