Indian lenders to the controversial Dabhol Power Co. Ltd -- the country's largest foreign investment project -- have chosen four initial bids for the 85 per cent equity stake held by the collapsed Enron Corp. and its associates.

"By evening, we will have four confidentiality agreements signed for Dabhol Power Co. and we have some more interested groups making enquiries," P.P. Vora, chairman of the Industrial Development Bank of India (IDBI), told reporters here Friday.

Vora refused to specify the names or origins of the bidders.

Enron's stake in the project was 65 per cent, with Bechtel and General Electric Co. having 10 per cent each.

Indian lenders have an exposure of 60 billion rupees (1.25 billion dollars) in Dabhol Power, the company which set up the 2,184-megawatt power project in the state of Maharashtra.

"Two to three more interested parties have also expressed their interest on telephone for Dabhol

Power. So the initial response is good," Vora added.

Vora said IDBI was also working on a restructured package for the new bidders which will help lower the tariff of power generated at the plant.

Earlier, the power plant had to be shut down due to a dispute over the tariff structure between Dabhol Power and the Maharashtra State Electricity Board (MSEB), the sole buyer of the power.

The existing loan given by the domestic lenders to Dabhol Power will be restructured to reduce the interest payment, while there will be an assurance from the MSEB to buy the power generated at the plant, Vora said.

The foreign exchange loan component will also be converted into domestic loans and the government of India's guarantee applicable for the first phase of the power station will also remain.

"The overall response to our invitation seems to be good as we are offering the bidder a 110 billion rupee asset in one go. Never ever has this happened earlier, nor will it happen again," Vora said.