The Empowered Group of Ministers (EGoM), which is looking into the debacle of the Dabhol power project, hopes to come up with a solution that will be "acceptable" to all parties concerned including promoters GE and Bechtel and the IDBI-led consortium of lenders. | |
| "We are working towards a solution which is expected to be acceptable to all parties," Defence Minister Pranab mukherjee, who heads the E-GoM, told reporters on the sidelines of PHDCCI's 99th annual general session here today. |
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| Even after four meetings having been held, he declined to give a deadline within which the matter would be resolved. |
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| The process to resolve the DPC issue picked up momentum after the UPA assumed office. The government set up an E-GoM and asked the Cabinet secretariat to look into the issue. |
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| The E-GoM has asked PSUs like NTPC and Gail to assist in restarting the power plant. The high-powered panel has also asked domestic lenders to buy the offshore debts. |
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| For this, a special purpose vehicle is to be set up by the Indian PSUs and lead lender IDBI. The E-GoM has given in principle nod for this. |
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| The effort to restructure and restart the 2184 mw Dabhol power plant comes in the wake of concerns raised by foreign promoters and the 6 billion dollar claims filed by them in international arbitration at london for alleged breach of bilateral investment protection agreement. |
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