DPC solution likely by year end: Damodaran

The directions for putting a process in motion for the restart of the 2,184 mw Dabhol Power Company's (DPC) power plant would be in place by the end of 2004, Industrial Development Bank of India (IDBI) chairman M Damodaran said today.

"We will be having a meeting with the Union cabinet secretary in a couple of days with a set of proposals for DPC revival," Damodaran told reporters.

The cabinet secretariat has realised that the DPC issue needs to be addressed quickly and would be forwarding the revival options to the empowered group of ministers soon. A decision on the way forward is expected before the end of 2004.

Damodaran said the proposals will contain details such as "who will play what role (for the revival of the power plant) and what kind of money will be required."