New Delhi, April 5: Gail (India) Ltd signed a development agreement in Mumbai today with the Tata-BP consortium to jointly participate in evaluating the Dabhol gas and power project.

Earlier, Tata Power, Gail and BP had submitted separate expressions of interest (EOIs) to Industrial Development Bank of India (IDBI) for the potential sale of sponsor’s equity in 2001.

Tata with its major power interests in India, Gail with its gas marketing and distribution infrastructure and BP, as a major gas producer and liquefied natural gas (LNG) supplier, will bring together the ideal consortium and complementary skills to this association. This aggregates the experience and expertise required for revival of the Dabhol power project.

Gail, Tata and BP will now jointly engage with the Dabhol stakeholders and other decision makers to understand and structure an economically viable solution for the project.