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Ambani to keep 'options open' on DPC takeover

Reliance Industries Ltd 'will keep its option open' for buying a controlling stake in troubled US energy major Enron-promoted Dabhol Power Company, if the latter announces its exit from the 2,184 mw power project in Dabhol.

"Enron is our partner in exploration and production in the Bombay High offshore oil fields of Panna, Mukta and Tapti. In case the multinational expresses something to this effect, we have keep our options open," RIL managing director Anil Ambani told reporters in Bombay on Monday.

When inquired about RIL's proposed power project in Patalganga, Maharashtra, Ambani said, there had been no progress on that front and the state government was still studying the project documents submitted by the company.

Ever since fresh trouble started brewing up for DPC last October onwards, the prominent power lobby in the state has been discussing a possibility of RIL taking over the jinxed power project and thus ending DPC's woes.

Last week, in DPC's London board meet, the promoters of the company had made it clear that they were 'not interested' in completing the $3-billion project as a result of non-payment of dues by the Maharashtra State Electricity Board and the central government's refusal to honour the Rs 1.02-billion counter guarantee.

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