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Foreign lenders give up on DPC

Mumbai, April 3: Foreign lenders have asked Dabhol Power Company (DPC) to call off the power purchase pact with Maharashtra State Electricity Board (MSEB).

“Overseas creditors of Dabhol Phase I have asked the company to proceed with the termination of its PPA with MSEB as soon as permission from the Mumbai High Court comes through,” Dua & Associates said in a statement issued on behalf of the lenders.

The decision to scrap the pact follows lack of progress in reaching an agreement on a viable restructuring of the project for more than 18 months.

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