An empowered committee comprising the Industrial Development Bank of India (IDBI), ICICI and the State Bank of India (SBI) would meet the leading consultants NM Rothschild on Tuesday to take stock of the situation of Dabhol project revival. NM Rothschild & Sons (India) MD Munesh Khanna, who had returned from his official trip aboard, is expected to make a presentation to Indian lenders on Tuesday.The meeting deserves importance especially when the IDBI-led consortium, with an exposure of over Rs 6,200 crore in the now fallen Dabhol Power Company (DPC), has already sought two months extension till September 8 from the Mumbai High Court to submit a comprehensive report on the revival of Dabhol Phase-I (658 MW) which has been closed since May 29, 2001.Tuesday’s meeting is also crucial especially when the beleagured DPC has approached the Supreme Court with a plea that Maharashtra Electricity Regulatory Commission (MERC) be restrained from passing any order on the resumption of Dabhol Phase-I power by MSEB. Incidentally, IDBI had fully supported MSEB’s petition seeking MERC’s approval for restarting offtake of Dabhol Phase-I power at the per unit tariff of Rs 2.80 at 83 per cent plant load factor.Institutional sources said IDBI-led consortium, which has roped in NM Rothschild for carrying out a report on the revival of Dabhol Phase-I and completion of Dabhol Phase-II (1,444 MW), would like to be updated. Further, the IDBI-led consortium would also like to know the progress made by NM Rothschild on its mandate for the preparation of a tender for the sale of Dabhol assets.The Belgium-based Tractabel, which has been appointed by NM Rothschild as its technical consultant, had already carried out a Dabhol plant visit. According to Tractabel’s preliminary report, $15 million would be needed for the revival of Dabhol Phase-I. It had emphasised the need for the active involvement of GE, which has 10 per cent stakes in the beleagured DPC, in the recommissioning of Dabhol Phase-I. GE has supplied 9FA turbines for the troubled Dabhol project. However, Tractabel is believed to have opined that the involvement of Bechtel, which also holds 10 per cent equity in DPC and the construction contract, was not necessary in the Dabhol revival process.
