"Enron has appointed Credit Suisse First Boston as consultants to derivecurrent value of its stake in the joint venture", industry sources said hereon Sunday.

"The bids will be immediately called for, once the report is submitted inlate March next year," sources said.

When contacted, EOGIL spokesman declined to comment on the offer whetherEnron would sell its entire equity in the $900 million ventures to either ofits erstwhile partners Reliance Industries Ltd (RIL) or Oil and Natural GasCorporation (ONGC), who hold 30 per cent and 40 per cent stakerespectively.

After EOGIL announced its withdrawal from gas and oil operations in thecountry on October 18, both RIL and ONGC evinced interest in picking up thestake, which would result in a rise of their stake in the venture.

According to sources, the Ambanis have been eyeing Enron's stake over twoyears and recently during RIL's half quarterly review meet on October 31,managing director Anil Ambani had clearly mentioned that if Enron wouldinvite competitive bids, "it was natural for RIL to participate in it."

In fact, ONGC chairman Bikash Bora had also sent feelers to the governmentfor picking up the 30 per cent stake. "We are interested in picking upEnron's stake...and are exploring possibilities of acquiring the entireequity," he said.

Bora had said ONGC would knock on the government's door, need be, for takingthe controlling stake in the fields which were initially explored and partlydeveloped by the corporation.

As per the joint venture agreement, EOGIL would seek the petroleumministry's nod for sale of assets to the prospective buyer as neither RILnor ONGC had the first right of refusal to the partners.

Sources said, as per the agreement, "no assignment or transfer shall beeffective until the government's approval is received, which may be given onsuch terms as it may deem fit."

"...The applicant (withdrawee) shall also submit such information relatingto the prospective assignment or transfer as the government may reasonablyrequire to enable proper consideration and disposal of the application,"they added.

EOGIL officials had met Petroleum Minister Ram Naik on October 17 to seekpermission to exit from the joint venture, which produces around 300 millioncubic metres of gas and around 29,000 barrels of oil per day.

EOGIL officials had also written to ONGC Chief informing the decision tosell oil and gas assets in India as part of annual rebalancing of assets andexpanding into trading operations and communications infrastructure, sourcessaid.

(PTI)