Jaiprakash Power Ventures Ltd Company History

GOI announcement of the policy for opening up of the power sector for private sector participation

November 3, 1991

Execution of MOD between JAL and GoHP, wherein GoHP accepted the proposal of JAL for setting up the Baspa Stage II 300 MW hydropower project and accorded in-principle approval to JAL for implementing the project

May 1992

Detailed project report submitted by JAL to GoHP for the project after carrying out a detailed

technoeconomic feasibility study

October 1, 1992

Implementation Agreement executed between GoHP and JAL wherein GoHP granted the right to establish, own, operate and maintain the project and permission to generate and sell power from the project for an initial period of 40 years from the date of commissioning, extendable by another 20 years.

December 17, 1993

Approval by Ministry of Environment and Forest, GOI for the Project

April 24, 1994

Techno-economic clearance granted by CEA for the Project

December 21, 1994

Incorporation of JHPL by JAL under the terms of MOU with GoHP to implement the Project

March 1995

Approval of the Project by Financial Institutions at an estimated project cost of Rs.11,020 million

and inter-alia signing of PPA as one of the pre-disbursement conditions

October 17, 1995

Execution of a tripartite agreement between JHPL,JAL and GoHP consenting the transfer of all assets, liabilities, obligations, privileges and benefits arising out of MOU from JAL to JHPL

June 4, 1997

Signing of PPA with HPSEB pursuant to Implementation Agreement with GoHP

June, 1997

Reappraisal of the project by the Financial Institutions with a revised cost of Rs.12,630 million.

January 7, 1998

Amendment made in the PPA to include provisions for escrow mechanism and letter of credit for realization of payment from HPSEB

July 2, 1998

Promulgation of The Electricity Regulatory Commissions Act

January 21, 1999

Submission of financial package of Rs.13,650 million by JHPL to HPSEB and CEA pursuant

to the terms of techno economic clearance

January 25, 1999

Execution of agreement with Siemens AG Consortium, Germany and Alstom T & D, France for import of electromechanical equipment and GIS/GIB respectively

February 2000 Reappraisal of project cost by FIs at Rs.13,450 million.

July 31, 2000

Occurrence of flash floods in river Sutlej disrupting communication and transportation links to the project site, resulting into delay in the implementation of the project by more than a year

March 22, 2002

Reappraisal of the Project consequent to the flash floods at a cost of Rs. 16,120 million

May 14, 2001

Submission of revised financial package of Rs. 16,201.50 million by JHPL to HPSEB and CEA

consequent to increase in the cost on account of the flash floods

December 4, 2002

GoHP/HPSEB in-principle approval for project cost at Rs.15,500 million or actual whichever is less

February 28, 2003 Execution of Supplementary Agreement to PPA between JHPL and HPSEB in regard to payment of dues (as per entitlement under the PPA) based on actual

realization for the sale of power to HPSEB

June 8, 2003

Commencement of commercial production of the Power Plant (as notified by HPSEB)

September 6, 2003

Order issued by HPERC declaring the Supplementary Agreement to PPA void ab initio, non est or inoperative: (a) directing HPSEB and JHPL to restru ture the debts to reduce the interest costs and to file the financial package after the approval of CEA (b) directing HPSEB to continue to pay to JHPL the revenue realised from sale of energy pending determination of tariff

December 11, 2003 Meeting of lenders agreeing in-principle for restructuring the debt with re-aligning the interest rate at 10.50% p.a. and re-fixation of repayment schedule

The public offer for buying stake in Jaiprakash Hydro Power Ltd, promoted by Delhi-based Jaiprakash Associates, was oversubscribed within minutes after the offer opened on March 22, 2005. At the end of the day, the offer was subscribed almost two times. The public offer is a first by any private hydro-power company and aims to raise Rs 576 crore to fund a 1,000 mega watt project in Himachal Pradesh. The company is offering 18-crore equity shares or 36.7 per cent stake in Jaiprakash Hydro-Power Ltd at between Rs 27 and Rs 32 each. The final price will be determined on the basis of bids received from investors.

Jaiprakash Hydro-Power stock fell below initial offer price on the first day of trading. The stock began trading on the Mumbai stock exchange at Rs 33.45 against the issue price of Rs 32. But, it closed weak at Rs 31.85 soon after.

Jaiprakash Hydro enters into MoU with Power Grid Corporation of India

Jaiprakash Hydro Power Ltd has appointed Shri Rajiv Ranjan Bhardwaj as additional Director on the Board of the Company.

Registered Office of the Company has been shifted From New Shimla To JUIT Complex, Waknaghat, P.O. Dumehar Bani, Kandaghat - 173 215, District Solan (H.P.)

Jaiprakash Hydro Power Ltd has appointed Shri. Suresh Chandra as Whole-time Director of the Company w.e.f. January 08, 2008.

Jaiprakash Hydro Power Ltd has appointed Shri. S S Gupta as Non-Executive Independent Director w.e.f. July 26, 2008.

Board has recommended final Dividend of Re 0.75 per share.

The name of the Company i.e. Jaiprakash Hydro-Power Ltd. stands changed to Jaiprakash Power Ventures Ltd.

Members of are hereby informed that the name of Jaiprakash Hydro-Power Limited shall be changed to Jaiprakash Power Ventures Limited and the trading symbol of the Company be changed from JPHYDRO to JPPOWER w.e.f. January 08, 2010.

400 MW Vishnuprayag Hydropower Project of Jaiprakash Power Ventures Ltd (JPVL) was awarded 1st Prize in the category Energy & Power’’ by the Essar Steel Infrastructure Excellence Awards 2010 in association with CNBC TV18.

JP Hydro Pow - Equity Shareholders & Creditors approves Scheme of Amalgamation.

300 MW Baspa - II Hydropower project has been awarded the ''Gold Shield for 2009-10'' and ''Silver Shield for 2010-11'' by the Ministry of Power, Government of India in the category of ''performance of hydropower stations''.

Jaiprakash Power commences operations at JBTPP

Jaiprakash Power Ven - National awards for the meritorious performance in the Power Sector.

JPVL Signs MoU with JSW to Sell 3 power plants

Jaypee Group arm Jaiprakash Power Ventures Ltd on Monday said its shareholders has approved Rs 1,000 crore investment in its subsidiary, Prayagraj Power Generation Company Ltd (PPGCL), for setting up a 1,980 MW thermal power plant,

Jaiprakash Power Ventures (JPVL) said that has decided to sell its Nigrie Cement Grinding unit to Orient Cement for an Enterprise Value of Rs 500 crore on slump sale basis.

Jaiprakash Power Ventures said that its arm has commenced commercial operations at the 660 MW unit-1 of the Bara Super Critical Thermal Power Project.

Jaiprakash Power Ventures (JPVL) on Tuesday said its board has approved disinvestment of 74% stake in Jaypee Powergrid to Power Grid Corporation of India (PGCIL).