Gujarat Industries Power Co Ltd Company History

The Company was incorporated on 1st June and a Certificate of

Commencement of Business was obtained on 29th August. It was jointly,

promoted by GSFC, Gujarat Alkalies & Chemicals Ltd. (GACL), Gujarat

Electricity Board (GEB) & Petrofils Co-operative Ltd. with the

Corporation of Government of Gujarat. The Company generate

electricity.

The Company undertook to set up a 145 MW power plant comprising 3 Gas

Turbines, 32 MW each and one stream turbine of 49 MW using fuel

efficient gas based combined cycle technology. Other equipments such

as transformers, switchyards, cooling lower, pumps, air plant etc. were

procured the Cromption Greaves, Jyoti Ltd. etc.

8,20,400 No. of equity shares allotted to GSFC, 100,72,850 No. of

equity shares to Rs GACL; 66,63,000 No. of equity shares to Gujarat

Electricity Board; 7,50,000 shares to Govt. of Gujarat; 26,97,900

shares Petrofils Cop. Ltd. 28,333 shares to Heavy Water Project & 2

shares to others. Another 49,24,183 No. of equity shares allotted as

per CCI consent received on 24.2.1992.

The Company issued through a prospectus 10,80,000 - 12.5% partly

convertible debentures of Rs 200 each of which 1,20,000 debentures were

reserved and allotted to Indian Directors, their friends etc. and

another 54,000 PCDs to employees of the company as well as promoters

company on preferential basis.

Balance 10,26,000 debentures were issued to the public. Additional

2,24,190 debentures allotted to retain over subscription.

Part A of Rs 100 was converted into 10 No. of equity shares of Rs 10

each on allotment of debentures. Accordingly, 130,41,900 shares

issued.

Part B of Rs 100 was to be compulsorily brought back by the company

at the option of the investor on expiry of 6 years from date of

allotment of debentures. Of the option was not excercised then the B

part be redeemed at par at the end of 8th, 9th and 10th year from the

date of allotment of debentures.

The company also issued 10,50,000-19% second redeemable

non-convertible debentures of Rs 100 each of which 1,05,000 debentures

were reserved and allotted to promoters, directors, etc. Of the

remaining 47,250 debentures were issued as preferential basis to

employees of the company and those of promoters company. Balance

8,97,750 debentures were issued to the public. Rs 100 was to be

redeemed at par on expiry of 7th year from the date of allotment of

debentures.

The Company undertook to set up in the first phase of 162.5 MW multi

fuel fired combined cycle power plant adjoining the existing plant at

Baroda at an approximate cost of Rs 378 crores. The Gas turbine

generator and accessories were manufactured at BHEL.

The company undertook to set up a 2 x 125 MW lignite based pitchead

power plant in the Nani Naroli village, Dist. Surat.

49,24,183 No. of equity share allotted on promoters, 124,20,000

shares allotted conversion of PCDS in 1992. 6,21,900 shares subscribed

by Directors from public issue 60,75,817 shares issued to promoters in

October 1992.

The Government of Gujarat accorded in principal clearance for the

Company's proposed expansion of lignite based 2 x 250 MW power project

existing at the site of Surat Lignite power project.

During August-September, the company offered 249,85,118-18% received

redeemable partly convertible debentures of Rs 70 each for cash at par

on Rights basis in proportion 1 debenture: 2 equity shares held.

Part A of Rs 25 of the face value of each debenture was converted

into 1 equity share of Rs 10 at a premium of Rs 15 per share on the

date of allotment of debentures. Accordingly 249,80,118 shares issued.

Part B of Rs 75 of the face value of each debenture was to be

redeemed at par in three equal instalments at the end of 5th, 6th and

7th years respectively from the date of allotment of debentures.

Crisil has withdrawn its BBB rating assigned to company's Rs. 130.5

million NCDs as same has been redeemed.

CARE has revised the ratings assigned to the company from `CARE A-'

to `CARE BBB+'.

Appoints Dr Manjula Subramaniam as the Additional Director of the company.

Shri ArunKumar Solanki gives resignation as a director to the company.

Mr R N Joshi appointed as the Director on the Board of the company.

Shri A Khandual has been appointed as IDBI Nominee director on the Board of the company wef March 15, 2004.

Shri RN Singh has been appointed as director on the board of the company

Prof Sekhar Chaudhuri has appointed as an additional director of the company wef May 18, 2004.

Gujarat Industries Power enters into MoU with Govt of Gujarat & Gujarat State Electricity Corporation Ltd.

Gujarat Industries Power Company Ltd has appointed Shri. M M Srivastava, IAS, Principal Secretary, Energy & Petrochemicals Dept., Govt of Gujarat, as Chairman of the Company vice Smt. Vijaylaxmi Joshi, IAS.

Shri A C Shah has been appointed as Company Secretary & DGM (Legal) Section 383A of the Companies Act, 1956 and also as "Compliance Officer" of the Company.

Shri Mukesh Puri, IAS has been appointed as Director of the Company vice Shri P. H. Rana as Nominee of Gujarat Urja Vikas Nigam Ltd. (GUVNL).

Shri D. C. Jain has been nominated by IDBI Bank Ltd.

The Company have recommended payment of Dividend of Rs. 2.50 per Equity Share (i.e. 25%) for the Financial Year 2012-13.

Gujarat Industries Power awards EPC contract to Lanco Infratech

Surat Lignite Power Plant (SLPP)receives 1st Plant category in the National Energy conservation award 2013 Prize under Thermal Power.

The Comapny have recommended payment of Dividend of Rs. 2.50 per Equity Share (i.e. 25%) for the Financial Year 2013-14.

Gujarat Industries Power Company Ltd Synchronization of GIPCL, SLPP Phase - I Unit #1 (125 MW)

Guj. Industries Commissioning of first Two nos. of Wind Turbine Generators (WTG), out of 51 MW Wind Power Project

Agreements under Power System Development Fund (PSDF) Support Scheme of the Ministry of Power (MoP) for Gas

Synchronization of Unit-3 (125 MW) of Phase II of SLPP with Grid

"Commissioning of 8th Wind Turbine Generator (WTG), out of 51 MW Wind Power Project".

Gujarat Industries Power has commissioned 1 MWp Distributed Solar Power Project at Village.

GIPCL bids successfully for 40 MW Solar Power Project in Gujarat Solar Park, Village Charanka under National Solar Mission Phase-II, Batch IV.

GIPCL signes Power Purchase Agreements with Solar Energy .

GIPCL Power Purchase Agreements (PPA) signed by GIPCL with Gujarat Urja Vikas Nigam Limited.

GIPCL bags 75 MW solar power projects from GUVNL.

GIPC commissions 15 MW wind based power project in Gujarat.

GIPCL commissions 8 MW WTGs in Rojmal wind farm.

GIPCL issues letter of intent BHEL for solar power project.

Gujarat Industries Commissioning Of 75 MW Solar Power Project At Gujarat Solar Park, Village Charanka, Dist. Patan, Gujarat.

GIPCL Bids Successfully For 100 MW Solar Power Project (Phase III-R) At Raghanesda Solar Park, Dist. Banask.

Gujarat Industries Commissioning Of 100 MW Raghanesda Solar Power Project At Raghanesda Solar Park, Village Raghanesda, Dist. Banaskantha.

GIPCL-SLPP received Environment Excellence Award-2022 in Clean Generator of the Year.

GIPCL Nakhatrana Windfarm was selected as Best Performing Wind Farm for above 2 MW Category.

Company received National Fly Ash Utilization Award 2023.

Company received Awarded For Best Performing Utility Scale Project Of The Year For Gujarat In Psu Category.