History of Jaiprakash Industries limited [OLDs]
1943
- The Comp. had signed a project development agreement with National Power of U.K. on 10th March, for setting up a 300 MW Thermal Power Project at Mangalore
1983
- The Comp. was incorporated on 21st January, under the name of Jaypee Rewa Cement, Ltd., at Madhya Pradesh & obtained the Certificate for Commencement of Business on 25th April. The main objects of Comp. is to Manufacture cements of all kinds and execution of engineering projects. The Comp. was promoted by Jaiprakash Gaur & his associates & managed by technocrats.
1986
- As per the Scheme of Amalgamation approved on 30th July, the assets, liabilities & business of Jaiprakash Associates, Ltd., a civil engineering construction company, stood transferred to Jaypee Rewa Cement, Ltd., effective from 1st January.
- Effective from 1st September, the name of Comp. was changed to Jaiprakash Industries, Ltd.
- The Comp. undertook to set up a Cement plant at Rewa, M.P., with a capacity of 1 million tonnes per annum.
- The main plant & machinery were supplied by Krupp Polysius, A.G., W. Germany & Buckau Wolf India, limited Other equipments were supplied by Krupp Industrietechnik, W. Germany, Larsen and Toubro, Ltd., Asea Ltd., Kirloskar Electric Comp. Ltd., K.C.P. Ltd., etc.
- The Comp. received a letter of intent from Government of India to expand the existing capacity of cement to 20,00,000 tonnes per annum.
- 3,38,55,000 No. of equity shares allotted to members of Jaiprakash Associates Pvt. limited without payment in cash on its merger with the company & 58,80,000 shares cancelled being the cross holding. 2,25,00,000 shares then issued at par out of which 60,00,000 shares to promoters, directors, etc, & 2,50,000 shares to UTI were received and allotted. Out of remaining 1,62,50,000 shares, the following shares were reserved for preferential allotment:
- [is] 74,25,000 shares to non-resident Indians, corporate bodies, overseas companies, societies & other corporate bodies owned, prominently by non-resident Indians on repatriation basis [all were taken ups]:
- [iis] 11,25,000 shares to employees [including Indian working directorss]/workers of Comp. & associate companies [none were taken ups] and
- [iiis] 3,25,000 shares to business associates of Comp. [none were taken ups]. The balance 73,75,000 shares, along with unsubscribed portion of 14,50,000 shares out of preferential quota, were offered for public subscription during Nov.-Dec. Addition 16,51,800 shares were allotted to retain oversubscription [1,31,400 shares to non-resident Indians etc. on repatriation basis & 15,20,400 shares to the publics].
1988
- With the cessation of hostilities between Iran & Iraq, work on Basra Sewerage project was resume. Work on the IInd cement plant was undertaken.
- The Comp. stands prequalified for World Bank aided Srinagar Dam, Power House & appurtenant works in U.P. & concrete Dam and Power House of Indira Sagar Hydroelectric Project in M.P. Work on the IInd cement plant was undertaken.
1989
- The Comp. had been prequalified for concrete dam & the power house of Indira Sagar Hydro-electric project in M.P. & Tehri underground power house.
- Also prequalification applications were submitted for works of Nathpa Jhakri Hydro-electric Project as well as for Tehri main dam work. The Comp. was geared to take up new project in Iraq.
- 10,00,000 - 14% secured non-convertible debentures of 100 each were issued to public financial institutions/ mutual funds of scheduled banks on private placement basis. These debentures were to be redeemed at a premium of Rs.5 per debenture between 5 to 9 years from the date of allotment of debentures.
1990
- The Comp. undertook to execute five concrete dams & two underground power house simultaneously.
- The Comp. secured the work of construction of Tail Race Channel of Sardar Sarovar [Narmadas] Project at a contract value of Rs.14.55 crores to be performed in 42 months.
- Over 63,000 cum. of concrete was laid in addition to penstock liners for the Vadkam Saddle dam. Work on the Lakhwar Vyanidam & Lakhwar Underground power house had to be slowed down for paucity of funds with the clients.
- The Comp. was prequalified for all the packages of Nathpa Jhakri hydro-electric project in Himachal Pradesh, Indira Sagar Hydro Electric project in Madhya Pradesh, Koyna hydro-electric project stage IV in Maharashtra, Maheshwar hydro-electric project in M.P., Bihar raising of Lakhya dam of Kudremukh Iron Ore Co. Ltd., Karnataka & the two packages of left & right guide bund works of Chitauni Rail bridge across river Gandak in U.P.
- The Comp. signed a Memorandum of Understanding with UP State Tourism Development Corporation Ltd., for lease of 25 acres of land at Fathepur-Agra Road, Agra for setting up of convention centre-cum-five star hotel.
- A technical & financial collaboration agreement was entered into with Jaypee Hotels limited for International Convention Centre-cum-hotel project.
- The Comp. undertook to set up a five star holiday resort at Mussoorie [U.P.s]. Tourism Finance Corporation of India Ltd., gave its approval for project finance.
- The Company, was selected by Himachal Pradesh Government for setting up a 350 MW hydro-based power project.
- In February, the Comp. offered 19,83,804 - 12.5% fully convertible debentures of Rs.100 each on Rights basis in the proportion 3 debentures: 100 equity shares held [only 2,63,347 debentures taken up. Of the remaining 17,20,457 debentures 20,576 debentures devolved on the Underwriters & 16,99,881 debentures were otherwise issueds].
- Simultaneously another 99,190 - 12.5% fully convertible debenture were issued to employees [including Indian working directorss]/workers of the Comp. on an equitable basis. None were taken up & were allowed to lapse.
- Rs. 20 of face value of each debenture was to be converted into two equity shares of Rs. 10 each at par. on 1.4.1990. Accordingly 39,67,608 No. of equity shares allotted. Rs 80 of face value of each debenture was converted into 31,73,230 No. of equity shares at a premium of Rs 40 per share on 15.1.1993.
1991
- In December 91 - January 1992, the Comp. offered 175,00,000 equity shares of Rs.10 each at a premium of Rs.9 per share on rights basis in the prop. 1:4. Additional 26,25,000 shares were allotted to retain oversubscription. Of these 1,650 shares were kept in abeyance.
- Simultaneously another 8,75,000 shares of Rs.10 each at a premium of Rs.9 per share were issued to employees on an equitable basis.
1992
- The Comp. proposed to launch IS-53 and IS-43 grade cement to cater to the needs of exclusive segments shortly.
- The Comp. undertook to set up a five star holiday resort at Mussorie [U.Ps]. Tourism Finance Corporation of India Ltd., gave its approval for project finance.
- In October, the Comp. signed a Memorandum of Understanding with Government of Himachal Pradesh for implementation of Rs.850 crores Baspa-II Hydro Power Project [300 MWs] by Comp. in private sector.
- Also, another Memorandum of Understanding was signed with the Government of U.P. for implementation of Vishnuprayag HEP [400MWs]
- The Comp. proposed to set up a integrated steel plant of 1 million TPA capacity. This was to be implemented by an associate company namely Jaiprakash Engineering and Steel Co., limited The services of M/s ICF Kaisers USA, were taken for preparation of techno-economic feasibility report.
- 201,25,000 rights shares allotted [prem. Rs.9; prop. 1:4s]. 1,650 shares kept in abeyance. Another 7,71,100 shares allotted to employees at a prem. of Rs.9 per share. 31,73,230 equity shares allotted at a prem. of Rs.40 per share on conversion of Part-B of 12.5% debentures.
1993
- In June, the Comp. was awarded the World Bank aided Rs.475 crores, 1500 MW underground power house complex of Nathpa Jhakri hydro-electric project in Himachal Pradesh in consortium with Hyundai Engineering and Construction Co., limited S.Korea.
- The work on Basrah Sewerage Scheme [Stage IIIs] in Iraq remained suspended. However, the Iraq client concluded a supplementary agreement for recommencement of suspended works in terms & conditions including settlement of compensation od damages due to war and subsequent events.
- Approval of shareholders was sought for lease/sale of hotel. It was to be given on lease to Jaypee Hotels Ltd.
- A MoU was signed with the Government of HP on 28th August for implementation of run of rever Karcham Wangtoo HEP [900 MWs] in private sector.
- The Comp. entered into an agreement with M/s. SNL Lavalin Inc. Canada for implementation of private sector power projects in Iroha.
- Accordingly, 39,67,608 equity shares were allotted. Rs.80 of the face value of each debenture was converted into 31,73,230 equity shares at a premium of Rs.40 per share.
- The Comp. allotted non-convertible debentures with a coupon rate of 18.5% per annum for an aggregate amount of Rs.13 crores on private placement basis with IAF Benevolent Association & 17.5% NCD with an aggregate value of 18 crores with SCICI Ltd.
- Debentures allotted to IAF Benevolent was to be redeemed after 5 years from the date of allotment while those to SCICI limited at the end of 8 years from the date of allotment.
- In April-May, the Comp. offered 376,65,180 equity shares of Rs.10 each at a premium of Rs.50 on rights basis in prop. 2:5. Additional 28,73,474 shares allotted to retain oversubscription.
- Another 28,00,000 shares of Rs.10 each issued to employees of the company, associate companies at a premium of Rs.50 per share viz. Jaypee Hotels Ltd., Jaiprakash Enterprises Ltd., as firm allotment basis [Only 38400 shares taken ups].
- 15,00,000 shares offered to shareholders of associate companies at a premium of Rs.50 per share namely Jaypee Hotels Ltd., Jaiprakash enterprises Ltd., on preferential allotment basis [only 5,38,700 shares taken ups].
- Another 16,00,000 shares offered to promoters and their associates on preferential allotment basis at a premium of Rs.50 per share. Another 10,14,937 shares allotted to retain oversubscription.
- Jaiprakash Hydro-power limited & Jaypee Bela Cement Ltd are the subsidiaries of Company.
- 228,98,945 bonus equity shares issued in prop. 1:4 in April. Another 376,65,180 Rights equity shares offered [prop. 2:5, prem Rs.50s]. Additional 28,73,474 shares allotted to retain oversubscription.
1994
- The Comp. was awarded the work of 300 MW Baspa II Hydro electric project by Jaiprakash Hydro Power Ltd.
- Work on Basrah Sewerage Scheme [state IIIs] in Iraq remained suspended.
- A new Comp. in the name of Jaiprakash Power Ventures limited was promoted for implementation of project.
- The deluxe holiday resort - the Residency Manor at Mussoorie was formally commissioned on 25th March 1995. Its management and operational services were being provided by Jaypee Hotels Ltd.
- 839 shares out of previous year bonus equity shares allotted.
1995
- The Comp. was awarded the work of execution for Chute Spillway of Tehri Dam.
- The Power Purchase Agreement [PPAs] for Vishnu Prayag Hydro- Electric Power Project [400 MWs] has been signed with U.P. State Electricity Board. The project will be implemented under Jaiprakash Power Ventures Ltd.
- In terms of Memorandum of Understanding signed with the Government of Himachal Pradesh, a detailed project report was submitted by the Comp. at the end of February.
- 940 Rights Equity shares offered at a premium of Rs.50 per share. 4,387 bonus equity shares allotted after releasing from abeyance quota.
1996
- The Comp. has hived off cement plant-III Jaypee Bela Cement as a going concern to Bela Cement Ltd., a wholly owned subsidiary of the Company.
- The new Cement Unit - Jaypee Bela Cement with 1.5 million tonnes per annum capacity was under implementation at Bela, about 4 km from the existing plant.
- 3,250 bonus equity shares allotted after releasing from abeyance quota.
1997
- Jaiprakash Industries is also considering a proposal to hive off the power project in Uttar Pradesh, for which it had signed the PPA with the state Government last year.
- The company, in joint venture with Statkraft Anlegg of Norway, bid for the work packages No.I & II for remnant civil works of Dulhasti Hydro-electric project. It has concluded negotiations with National Hydro-electric Power Corporation [NHPCs] for Rs 760 crore offers for two work packages & is awaiting the decision of NHPC.
- The Comp. has set up a third cement plant of 1.5 million tpa, Jaypee Bela Cement near its existing plant in Jaypee Nagar, District Rewa, Madhya Pradesh,
- The Centre has set up four hydro power utilities in the country - National Hydroelectric Power Corporation, the Tehri Hydro Development Corporation, the Nathpa-Jhakri Power Corporation & the North-Eastern Electric Power Corporation - to check the dwindling share of hydel in the national power mix.
1998
- The work on the 300 MW Baspa-II hydro-electric project, which was suspended in October 1996 due to non-conclusion of power purchase agreement [PPAs] between the owner Jaiprakash Hydro-Power Ltd & the Himachal Pradesh Government, has recommenced on signing of PPA during June last.
- JIL, in joint venture with Statkraft Anlegg As of Norway, was awarded two contracts of Work Packages No. i & II for remnant civil works of Dul-Hasti Hydroelectric project.
- The consortium of JIL & SNC-LAVALIN Inc of Canada, signed an MoU with the Jammu & Kashmir Power Development Corporation Ltd for implementation of 450 MW Baglihar Hydro-electric project near Chanderkot on river Chenab.
1999
- The increase in foreign currency requirements for project is mostly due to shifting of turbines from indigenous to imported list, and decrease in the interest during construction due to change in the borrowing schemes.
- Jaiprakash Industries, promoters of 300 mw Baspa hydel project in Himachal Pradesh, have replaced Bharat Heavy Electricals Ltd [Bhels] with Siemens for supply of plant & machinery.
- One of corporate India largest mergers & acquisitions [M&As] deal is on the cards with Jaiprakash Industries, the cash strapped diversified company, now having decided to put both its cement plant on the block.
- The Jaiprakash scrip has been touching new highs at the stock markets with the stock price gaining by almost 300 per cent over the last two months.
- During 1998-99, the Comp. made a private placement of 16.5 per cent non-convertible debentures [NCDss], amounting to Rs 107 crore, with the Industrial Finance Corporation of India Ltd [IFCIs] & ICICI to meet its long-term working capital requirements. Of this, Rs 57-crore NCDs were placed with IFCI & the balance with ICICI. The debentures allotted to IFCI will be redeemed after a three-year moratorium, in four equal instalments of Rs 14.25 crore each, from the fourth to the seventh year from the date of subscription. The NCDs allotted to ICICI will be redeemed in three equal instalments.
2000
- Jaiprakash Industries signed an agreement of cooperation with Vioth siemens Hydro Kraftwerks Technik GmbH of Germany for taking up 'engineering procurement construction' contracts for hydro power projects in India & abroad.
2001
- The Comp. has informed the BSE that Ravi Rajagopal has been appointed as Comp. secretary of Comp. with effect from 26th April.
2002
- Jaiprakash Industries Ltd has informed that Shri Dharam Paul Verma has been appointed as Additional Director of Comp. at the meeting of the Board of Directors held on January 30, 2002.
2003
-JIL has entered into a concession agreement with TajExpressway Industrial Development Authority , a nodal agency to develop, construct & operate the highway.
-Shri P.C Pandey has been appointed as the Nominee Director of IFCI Ltd on the Board of Jaiprakash Industries Ltd.
2004
- D S Constructions bought out Jaiprakash Industries [now called Jaiprakash Associates after its reverse merger into Jaypee Cements] in Jaypee-DSC Ventures Ltd, the Comp. implementing the Delhi-Gurgaon access-controlled highway project, for about Rs 46 crore.
