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6 April 2004 - Gail (India) Ltd, Tata Power and British Petroleum on Monday signed an agreement to jointly bid for acquiring Dabhol power plant and the adjacent LNG terminal in Maharashtra.
"Gail, Tata and BP will now jointly engage with Dabhol stakeholders and other decision makers to understand and structure an economically viable solution for the project," a statement issued by Gail said.
Earlier Tata Power, Gail and BP had submitted separate Expressions of Interest to Industrial Development Bank of India for the potential sale of sponsor's equity in 2001, the statement said.
Tata, with its major power interests in India, Gail, with its gas marketing and distribution infrastructure, and BP, a major gas producer and LNG supplier, would bring together an "ideal consortium and complementary skills to this association," it said.
"This aggregates the experience and expertise required for revival of Dabhol Power Project."
The 740MW Naphtha-fired thermal power station has been lying idle since middle of 2001 after financial dispute with Maharashtra State Electricity Board with whom the former had signed a power purchase agreement.
The bankrupt US energy major Enron holds a majority 65 per cent stake in Dabhol, while MSEB holds 15 per cent stake, and the GE and Bechtel hold 10 per cent equity each.
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