Mumbai: US multinationals GE and Bechtel have made a final offer of their 10 per cent stake each along with Enron's 65 per cent in Dabhol Power Company (DPC) to interested parties like Tata Power Company and Reliance Energy for $ 380 million.

This "distress" sale offer, through the Overseas Private Investment Corporation, was made during discussions held last week with officials of the two private parties, GE, Bechtel as well as with financial institutions led by Industrial Development Bank of India and ICICI Bank, FI sources told reporters in Mumbai today (Jan 18, 2004).

Besides the equity stake sale, GE and Bectel also wanted $ 120 million as past dues from FIs.

Both the engineering firms have offered to complete the 2,184 MW power project after signing a separate commercial agreement with the new owners, the sources said.

GE and Bectel made it clear during their meeting that they would not like to be involved themselves in the long drawn legal hassles, which are pending in Mumbai High Court and the Supreme Court.

The sources said the offer would include the incomplete LNG facility as both the US firms, as part owners of DPC, are not in favour of hiving off the 75 per cent complete LNG re-gassification terminal.

Both the companies are yet to respond to the offer and declined to make any comments.

The three billion USD plant at Guhagar is 98 per cent complete and has been lying idle since the last 32 months following a dispute over the tariffs between the DPC and the Maharashtra State Electricity Board (MSEB).