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- great initiative. Glad it got some media coverage!CommentQuote0Flag
- Max. people should reach at J P Office at 11 AM on 22/03/2014. It is the time to create pressure on JP.CommentQuote0Flag
- Video of the protest and the conversation with Sachin Gaur
Wishtown flat buyers protest at Jaypee office Noida - YouTubeCommentQuote1Flag
- There are almost 120+ people now standing UNITED against the builder - Jaypee. If required & work progress does not pick the pace, next solution is to enter into litigation with them but everyone at this point want to avoid as it will do damage on both sides once market is spoilt.
Come and join us on 22nd March 2014- 11:00 AM (Jaypee cafeteria)CommentQuote1Flag
- Jaypee sells 2 hydro power projects for Rs 10500cr
SHIMLA: Closing its hydro power operation in Himachal Pradesh, Jaiprakash Power Ventures Limited, a subsidiary of Jaypee Group, has sold its two hydro power projects in Kinnaur district to a consortium led by Abu Dhabi National Energy Company PJSC (TAQA), the international energy and water company from Abu Dhabi, for Rs 10500 crore.
The two plants, having combined generation capacity of 1391MW, are located within 2kms of each other and share support facilities. They use run-of-the-river technology to convert natural water flow to electricity, eliminating the need for a reservoir. The plants are 35kms from the Sorang hydroelectric plant, in which TAQA acquired a stake last year.
TAQA, which holds a 51% stake in the consortium, will have control of operations and management of both facilities under the proposed deal. The remaining equity will be held by one of Canada's largest institutional investors (39%) and IDFC Alternatives' India Infrastructure Fund II (10%), said a statement issued by company.
The state government was ignorant on the development and officials came to know about the deal only after company issued a release announcing the acquisition. Principal secretary (power) S K B S Negi said the company might have taken permission from the central Company Board of India but they were not informed.
The company's official statement said that equity invested by the consortium in the acquisition of the two hydroelectric plants will amount to approximately Rs 3,820 crores, of which 51% is from TAQA. The consortium will also acquire the assets' non-recourse project debt.
Sources in Jaypee Company said including the loans taken by it for two projects total deal was finalized in Rs 10500 crore. "It will take another 6-7 months to complete the transfer of shares and powers and to complete other formalities like informing the SEBI and high court," said a senior official from Jaypee Group.
Official said that decision to sell the two projects was taken in the board's meeting held on Saturday. "It has been agreed that consortium would deposit Rs 3820 crore in our account while it would also pay the loan taken for Baspa-II and Karchham Wangtoo projects that makes the deal worth Rs 10500 crore," official added.
With the purchase Baspa Stage II and Karcham Wangtoo hydro power project, TAQA has become largest private operator of hydroelectric plants in India while Jaypee group has closed its hydro power operation in Himachal Pradesh.
The agreement follows the signing of UAE-India Bilateral Investment Promotion and Protection Agreement in December 2013 and a commitment made by the UAE to invest USD 2 billion in India's infrastructure sector at the first UAE-India High Level Joint Task Force on Investments meeting held in Abu Dhabi in February 2013.
In a statement, Frank Perez, TAQA's Executive Officer and Head of Global Power & Water, said, "India's economic growth depends on having ample and reliable energy supply. TAQA is pleased to add these two high quality hydro power assets to our growing India business and to support India's economic growth."
Following the completion of the transaction, TAQA's gross operational power generation capacity in India will total 1,741 MW, comprised of three hydroelectric facilities and one lignite power plant. The acquisition is expected to close in 2014 and is subject to regulatory and third party approvals.
This investment will be recognized at the second meeting of the UAE-India High Level Joint Task Force in Mumbai on March 3, 2014 co-chaired by Sheikh Hamed bin Zayed Al Nahyan, chairman of the Abu Dhabi Crown Prince Court, and Union minister for commerce and industries Anand Sharma, company statement addedCommentQuote0Flag