Tatas eye Enron stake in Dabhol Power

MUMBAI, AUG. 10. The Mumbai-based power utility Tata Power Company (TPC) today said it would be interested in buying U.S. energy major Enron's stake in the $3 billion Dabhol Power Company (DPC) `if it makes sense for the company to buy'.

``We are watching Dabhol developments closely and will conceivably think of buying it, if it makes sense for us", chairman, Mr. Ratan Tata, informed the shareholders at TPC's 82nd annual general meeting here today. He said DPC's 2,184 MW was a liquefied natural gas based with costly tariff and that somebody had to buy the project, if its promoters were getting out of it.

Mr. Tata was answering shareholders' persistent queries and suggestions that TPC should take up the energy major's $1 billion `at cost' offer and buy out the power plant which was ideally located near Mumbai.

Later, while speaking to reporters TPC managing director, Mr. Adi Engineer, said the power utility was `waiting in the wings' for a proper opportunity after which the company `will definitely look into buying the Enron stake in DPC'.

He said TPC would involve itself in this matter only after the imbroglio over payment of $48 million between DPC and its estranged partner Maharashtra State Electricity Board were sorted out.

- PTI

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Section  : Business
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