The government has asked NTPC, Gail and the IDBI-led consortium of Indian lenders to Dabhol Power Company (DPC) to invest Rs 500 crore each in a special purpose vehicle (SPV) proposed to kickstart the ailing power project and associated LNG regasification terminal.According to government sources, the decision was taken at a high-level meeting convened by Cabinet Secretary P.K. Chaturvedi on November 11 and attended by the economic affairs, revenue and power secretaries, besides chairmen of NTPC, Gail, Petronet, IDBI and senior executives of ICICI Bank and State Bank of India.The sources said NTPC would operate the power plant and Gail, besides supplying fuel, would complete the regasification facility including the LNG terminal. Petronet may be asked to assist Gail in implementing the regasification facility, they said.The Maharasthra State Electricity Board (MSEB) would be asked to evacuate the entire power generated from the Dabhol plant. The price at which the state would buy power was still being discussed, sources said.Meanwhile, Rothschild and SBI Caps are scheduled to make a presentation before the group of ministers on the legal framework for taking over the assets of Dabhol Power Company. The SPV would ensure that the plant is operational at the earliest since asset transfer would take at least 12-18 months.
