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Web Exclusive | January 2013

JP Power Ventures to raise Rs 3,500 cr

Jaiprakash Power Ventures, which recently received Rs 3.3 bn in cost overrun financing for its ongoing 500 mw Bina power project in MP, is raising another Rs 3,500 crore considering various options like Qualified Institutions Placement (QIP)/external commercial borrowing (ECB) with conversion rights into shares/FCCBs/ADRs/GDRs/FPO and optionally or compulsorily convertible redeemable preference shares.

In a BSE disclosure, the company said the funds will be used for its ongoing projects and/or projects of its JV and subsidiary companies. Incorporated in 1994, the Noida-based JVPL, a subsidiary of Jaypee Group, plans, develops, implements, and operates hydroelectric power projects in India.

Jaiprakash Power owns and operates hydroelectric power plant consisting of 300 mw Baspa-II hydroelectric project in Himachal Pradesh; 400 mw Vishnuprayag hydroelectric project in Uttarakhand and 1,000 mw Jaypee Karcham Wangtoo Hydro-Electric Power plant in Himachal Pradesh.

It is also implementing the 1,320 mw (2X660 mw) Nigrie Thermal Project at Singrauli, Madhya Pradesh, which is expected to commence operations in 2013. A total of 183 mega projects were being implemented in the country by the public sector as of the end of 2011-12. Out of these, 86 were experiencing time-overruns and 68 suffered cost-overruns.

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