And equally surely, its ailing customer, the Maharashtra State Electricity Board, can't afford DPC's tariff rates. May be, but it doesn't need to be so. BT paints three possible scenarios of resolution. But that will mean DPC takes a cut in profits. Much as the parent may want, selling out won't be easy.
Nobody wants to take on a headache.
For a buyer to be interested, the PPA will need to be renegotiated and DPC's capital restructured. A distress sale to somebody like Reliance may be another option. The National Thermal Power Corporation could always be ordered to pick up DPC if Enron fails to find a buyer or talks fail. Even if it does, the cost of debt will push up tariff. It's the largest money transfer agent in the world, conducting 90 million transfers a year, across 95,000 agents, in over 185 countries.