Brief About Formation
The Company was incorporated on 21st December, 1994, having CIN: L40101HP1994PLC015483, in the State of Himachal Pradesh originally under the name of Jaiprakash Hydro-Power Limited. It received Certificate of Commencement of Business on 9th January, 1995. Another Company of Jaypee Group in the name of Jaiprakash Power Ventures Limited was merged with Jaiprakash Hydro-Power Limited in terms of High Court Order dated 20th November, 2009. Subsequently, the name of the Company was changed to Jaiprakash Power Ventures Limited.
The Company had implemented 300MW Baspa II HEP, 400MW Vishnuprayag HEP, 1091 MW Karcham Wangtoo HEP, Karcham Wangtto Abdullapur Transmission Line, 500MW Bina TPP, 1320 MW Nigrie STPP, Amelia Coal Mine, Bandha Coal Mine, Jaypee Cement Grinding unit and 1980 Bara STPP through on its own and through subsidiaries.
Consequent upon sale of Baspa-II HEP and Karcham Wangtoo HEP located in Himachal Pradesh, the Registered Office of the Company was shifted from Himachal Pradesh to Madhya Pradesh from 1st March2017.
Main Objects
The main objects of the Company are mining of all sorts, cement grinding and to set up power projects – Hydro-electric or Thermal and to carry on the business of general electric power supply to Utilities, Bi-Lateral as well as to Power Exchanges.
Business
The Company is engaged in the business of thermal and hydro power generation, coal mining and cement grinding. The company presently owns and operates three Power plants with an aggregate capacity of 2200 MW as per details given below:
1. 400 MW Vishnuprayag Hydro-Electric Plant in the State of Uttarakhand, which is in operation since October 2006.
2. 500 MW Jaypee Bina Thermal Power Plant in Distt. Sagar (M.P.).consisting of two units of 250 MW each, First unit has been in operation since August 2012 and second unit since April 2013.
3. 1320 MW Jaypee Nigrie Super Thermal Power Project in Distt. Singrauli (M.P.).consisting of two units of 660 MW, First unit has been in operation since September 2014 and second unit since February 2015.
Further, the Company also owns Amelia (North) Coal Mine which has been operating at its original Peak Rated Capacity (PRC) of 2.8 MTPA since 2015.Coal is being used for 2 x 660 MW Jaypee Nigrie Super Thermal Power Plant, Nigrie, M.P. Looking at the scenario of sustained shortage of coal, the Ministry of Coal, Government of India, released a notification, wherein the production capacity of coal mine can be enhanced up to50% of the existing PRC. The company decided to avail above provision ofenhancement of capacity and Environmental Clearancewas obtained on 16th January 2023 for expansion from2.8 MTPA to 3.36 MTPA (i.e. 20% of the existing PRC). Themine reached the PRC of 3.36 during the FY 2022-23. TheCompany has submitted the compliance of conditions ofthe Environmental Clearance and necessary steps arebeing taken to obtain EC for 3.92 MTPA.
Besides the above, The Ministry of Coal, Government of India has allowed commercial mining of Coal on revenue sharing basis and under this scheme a partially explored Bandha North Coal Block had been put on auction. Since this coalblock is adjacent to Amelia (North) Coal Mine and will beoperationally and strategically favourable, the Companyparticipated in the auction and the Coal Block wasallocated to the Company for exploration. Now onwards,the block will be fully explored and Geological Reportwould be prepared followed by preparation and approvalof Mining Plan. Thereafter processes for obtainingEnvironmental Clearance, Forest Clearance, Mining Lease, Land Acquisition and Mine Opening Permissionwould be carried out.
The Company also owns a Cement Grinding facility called Jaypee Nigrie Cement Grinding Unit with a capacity of 2 MTPA, which commenced its operation w.e.f. 3rd June, 2015. In terms of stipulations of Debt Resolution Plan with the lenders, the Company has to exit the non-core activity like Cement Grinding Unit (CGU).
Earlier, the 300 MW Baspa-II HEP and 1091 MW Karcham Wangtoo HEP were sold to reduce company’s debt and fulfil the financials commitments.
The company had also implemented 1980 MW Bara Thermal Power Plant in Tehsil Bara, Distt. Allahabad (U.P.) of which, all the three units of 660 MW each are operational with an approx. cost of Rs. 15600 crore through its erstwhile subsidiary i.e. Prayaraj Power Generation Company Limited, which had ceased to be subsidiary of JPVL, consequent upon invocation of entire pledged shares held by JPVL in PPGCL by SBICAP Trustee Company Limited on behalf of banks/financial institutions, in favour of SBICAP Trustee Company Limited on 18th December, 2017.
Jaypee Powergrid Limited (JPL) was a Joint Venture Company with Power GridCorporation of India Limited (PGCIL) in which theCompany held 74% equity and 26% equity was held byPGCIL). The JPL had set up Transmission System comprising of 400 kV Quad Bundle Conductor Double Circuit Line from Karcham Wangtoo HEP Pothead yardat Wangtoo to Abdullapur (219.80 KM), which was inof Baspa-Nathpa-Jhakri Transmission Line (4 KM) had been in commercial operation w.e.f. 1st June, 2011.As per stipulations of the Debt Resolution Plan to exit non-core areas, a SharePurchase Agreement was executed on 19th March, 2021for transfer of the entire 74% stake in the JPL to PGCIL. The transaction was consummated on 25th March, 2021 when the entire 74% stake was transferred to PGCIL and the JPL ceased to be subsidiary of the Company.
Details Of Projects
The Company has an total operating capacity of 2220 MW. The projects of the Company are spread across the States of Madhya Pradesh & Uttarakhand.
400 MW Jaypee Vishnuprayag Hydro Power Plant
400 MW Jaypee Vishnuprayag Hydro Power Plant is located at District Chamoli, Uttarakhand. The Project is having an installed capacity of 400 MW (4×100 MW).The main equipment for the project was supplied by Alstom (France). COD of Unit-I, Unit-II, Unit-III and was achieved on 17 June 2006, 14 July 2006, 31 August 2006 and 13 October 2006 respectively. The Company has executed a PPA with UPPCL to supply 88% of net power generated whereas the remaining 12% is supplied free of cost to the State of Uttarakhand in terms of PPA.
500 MW (Phase I of 1250 MW) Jaypee Bina Thermal Power Plant
Jaypee Bina Thermal Power Plant (JBTPP) located in Village Sirchopi of Sagar district of Madhya Pradesh, is a coal based thermal power plant having an installed capacity of 500 MW (2X250 MW). Unit I and unit II of the plant achieved their COD on 31 August 2012 and 07 April 2013 respectively.
The Company has executed power purchase agreements (PPA) with Madhya Pradesh Power Management Company Ltd. (MPPMCL) to supply 65% of installed capacity at tariff in terms of MPERC guidelines and with Goverenment of Madhya Pradesh for 5% of actual generation at variable cost. Thus the Plant supplies 70% of the installed capacity on long-term basis to MPPMCL, Govt. of Madhya Pradesh, in terms of the Power Purchase Agreements executed with them and balance of installed capacity is being sold as merchant power. FSA is in place for supply of 1.51 MMTPA coal with SECL/NCL/CCL.
1320 MW JaypeeNigrie Supercritical Thermal Power Plant(JNSTPP)
2×660 MW Jaypee Nigrie Supercritical Thermal Power Plant (JNSTPP) is located in Nigrie village, tehsil Sarai in Singrauli district of Madhya Pradesh. JNSTPP is a coal based thermal power project having installed capacity of 1,320MW (2X660 MW). Steam Generator and Steam Turbine Generator for both the units have been supplied by L&T-MHI and Larsen & Toubro Limited. CoD of Unit-I and Unit-II was achieved on 3 September 2014 and 21 February 2015, respectively.
The project also has a captive coal mine, Amelia (North), with an annual drawing capacity of 3.36 MTPA (expandable to 3.92 MTPA). Allocation of Amelia (North), coal block, which was already in production & supplying coal to JNSTPP, was cancelled by the Hon’ble Supreme Court in September 2014. In order to keep JNSTPP operational, the Company secured Amelia (N) coal block against stiff competition at a negative bid of INR 712 PMT.
The Plant has long term PPAs for 37.5% (Including 7.5%on variable cost) with MPPMCL. Energy is also sold on merchant power basis through bilateral arrangements and through Power Exchanges.
Holding, Subsidiaryand Associate Companies
Jaiprakash Associates Limited was promoter holding company, however, consequent upon increase in holding of Banks and Financial Institutions upto 51% shares on conversion of loan into equity under Strategic Debt Reconstruction (SDR), Jaiprakash Associates Limited (JAL), the Promoter of the company ceased to be holding Company of the Company w.e.f. 18th February, 2017. However, since 24.00 % shares of the company are still held by JAL, as such, the Company is an Associate company of JAL.
The Company has following Four wholly owned subsidiaries formed to implement Hydro & Thermal Power Projects (pending on account of government approvals at various levels):
i) Jaypee Arunachal Power Limited;
ii) Sangam Power Generation Company Limited;
iii) Jaypee Meghalaya Power Limited;
iv) Bina Mines and Supply Limited (Formerly known as Bina Power and Supply Limited).