Our promoters (erstwhile JIL, now JAL) and GoHP executed a Memorandum of Understanding dated November 23, 1991, recording GoHP's acceptance of our promoters proposal to implement the Power Plant and detailing the terms and conditions of its implementation. Subsequently, the Agreement for Implementation dated October 1, 1992 was executed between
our promoters and GoHP, whereby our promoters agreed to establish, operate and maintain the Power Plant for an initial period of 40 years from the date of commissioning, extendable for a further period of 20 years.
The Company was incorporated on December 21, 1994 with the object, inter alia, to set up hydro-electric or Thermal power projects and for the supply of general electric power. The Certificate of Commencement of Business was granted on January 9, 1995. Our registered office is at C-16, Lane 1, Sector 1, SDA Housing Colony, New Shimla 171 009. Our Head Office is at `JA Annexe' 54, Basant Lok, Vasant Vihar, New Delhi - 110 057.
Pursuant to the Tripartite Agreement dated October 17, 1995 between the GoHP, our promoters and us, all the assets, liabilities, obligations, privileges and benefits relating to the Baspa II project were transferred and assigned from JAL to the Company on the terms and conditions contained therein. JHPL paid a consideration of Rs.608.30 million to JAL for the transfer of assets of the Power Plant. This was funded through equity participation by JAL in the Company.
History and Key Events
Year/Date Key Events
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
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
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
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 & PowerÂÂ 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