Talks with DPC foreign lenders fail

The revival talks between Indian and Dabhol Power Company’s offshore lenders have hit a roadblock. ‘‘The offshore lenders com...

The revival talks between Indian and Dabhol Power Company’s offshore lenders have hit a roadblock.

‘‘The offshore lenders comprising ABN Amro, ANZ Investment Bank, Bank of America, Citibank and Credit Suisse First Boston stuck to their guns for the recovery of 80 per cent of their outstanding loan,’’ said an official who preferred anonymity.

On the other hand, Indian lenders led by IDBI, ICICI Bank, State Bank of India (SBI) and IDBI’s financial consultant NM Rothschild — offered to pay only 60 per cent of their outstanding loan. As on March 15, 2004, offshore lenders are owed $355.81 million for Dabhol phase-I and II.

They have also added another $1.25 billion to the overall bill, either directly or through their security against the Centre and the other Indian stakeholders. These lenders strongly insisted that the Centre’s involvement is a must.

Investigators, including a bomb squad, combed the site. (Representational)

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