Lenders to take charge of DPCs assets

Mumbai: The IDBI-led consortium of Indian lenders are considering the option of selling the assets of Dhabol Power Company (DPC) by filing an appeal in the Bombay High Court for the seizure and sale of the $3-billion plant.

We may appeal to the court anytime now for taking over the assets. All of us collectively feel that since the process of an equity sale is not going ahead, we have decided to act upon the other option and may invite a fresh expression of interest (EOI) for the asset sale, says a senior official with the consortium.

He says Indian lenders, who have an exposure of Rs 6,200 crore in the project, have to protect their interests. Since the court receiver has been appointed to take care of the day-to-day operations of the company, the court might as well take over DPCs assets and sell them.

We are facing too many hurdles from too many sides, but in our bid to overcome these, the lenders do not want to sacrifice their interests. Moreover, the entire process is taking on our toll as well, he says.

After the takeover it is us who will own the property, and not Enron, GE and Bechtel. If this happens, then IDBI may nullify the earlier EOI for the sale of DPCs foreign equity and invite fresh EOIs for the asset sale, the official says.