Mumbai: French energy major Totalfina Elf on February 15 announced that it was not going to participate in sale of 85 per cent offshore equity of bankrupt Enron's Dabhol Power Company (DPC).

"The board has decided not to express interest in buying a stake in DPC nor has the company signed the confidentiality agreement", Totalfina Elf chief executive (India) Jean Cluade Breton told reporters in Mumbai.

He expressed inability to explain the reason behind the energy major's step and said it was the multinational's global policies not to comment on details of their international decisions.

Totalfina's exit has now opened the exit route of other parties, which have submitted their Expression Of Interest (EOI) to Industrial Development Bank of India (IDBI) led consortium of Indian lenders on February 7.

Incidentally, not all the interested companies have complied with payment of the mandatory $ 100,000.

"We have so far received the earnest amount from the Tatas, Gaz de France, Reliance Industries, BSES and Shell," a senior financial institution official said.

He said the lenders were yet to hear from British Gas India and Gas Authority of India Ltd regarding the signing of the confidentiality agreement and the related payment.

"Technically only five companies have qualified for the due diligence process," he said.

Both domestic and international lenders will meet managing director Mohan Gurunath and others in Singapore on February 20 and 21 to finalise dates for due diligence.

PTI