Industry & Economy
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Power
Dabhol lenders enter into settlement deal with Bechtel
Our Bureau
Kolkata
,
July 11
THE Dabhol settlement programme has crossed another milestone with lenders entering into a settlement deal with Bechtel.
A payment of $160 million is involved, a figure over which there is no dispute, Mr V.P. Shetty, Chairman of IDBI, told newspersons on Monday. Bechtel, he added, has now asked for some "conditions" to be met so as to increase its comfort level. He did not specify what these conditions were. Indian lenders have been trying to take up the issue of settlement with offshore parties with regard to Dabhol Power Co.
A deal has already happened with GE, involving a total amount of $145 million; of this, $110 million is accounted for so far, while the rest will be taken up in a staggered manner.
A deal with Bechtel was being discussed for some time, with negotiations taking place with regard to a number of smaller issues. As things stand, an SPV, christened Ratnagiri Gas & Power, will take over the assets of Dabhol. This is a 50:50 joint venture between NTPC and GAIL.
A process involving DRT (debt recovery tribunal) and the court will now begin, Mr Shetty said.
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