Global Lenders: No Solution Without Us

Global lenders to Enron-promoted Dabhol Power Company have warned the Union government that no solution can be found to the problem without their consent and have demanded that they be included in subsequent discussions.

The global lenders, who have a direct exposure of about $590 million in the 2,184-mw project, stated this in a missive to the finance ministry yesterday.

The letter was written by the steering committee of the global lenders comprising Bank of America, Citibank, Credit Suisse First Boston, ABN Amro and ANZ Investment Bank, sources in the lenders consortium told Business Standard. The foreign lenders have been miffed as the government, so far, had sidelined them in its attempts to find a solution to the problem, and had instead, entrusted the task to the domestic financial institutions.