Company History - Gujarat Industries Power Co.
- The Company was incorporated on 1st June and a Certificate of
Commencement of Business was obtained on 29th August. It was
promoted by GSFC, Gujarat Alkalies & Chemicals Ltd. (GACL), Gujarat
Electricity Board (GEB) & Petrofils Co-operative Ltd. with the
Corporation of Government of Gujarat. The Company generate
- The Company undertook to set up a 145 MW power plant comprising 3
Turbines, 32 MW each and one stream turbine of 49 MW using fuel
efficient gas based combined cycle technology. Other equipments
as transformers, switchyards, cooling lower, pumps, air plant etc.
procured the Cromption Greaves, Jyoti Ltd. etc.
- 8,20,400 No. of equity shares allotted to GSFC, 100,72,850 No. of
equity shares to Rs GACL; 66,63,000 No. of equity shares to Gujarat
Electricity Board; 7,50,000 shares to Govt. of Gujarat; 26,97,900
shares Petrofils Cop. Ltd. 28,333 shares to Heavy Water Project & 2
shares to others. Another 49,24,183 No. of equity shares allotted
per CCI consent received on 24.2.1992.
- The Company issued through a prospectus 10,80,000 - 12.5% partly
convertible debentures of Rs 200 each of which 1,20,000 debentures
reserved and allotted to Indian Directors, their friends etc. and
another 54,000 PCDs to employees of the company as well as promoters
company on preferential basis.
- Balance 10,26,000 debentures were issued to the public.
2,24,190 debentures allotted to retain over subscription.
- Part A of Rs 100 was converted into 10 No. of equity shares of Rs
each on allotment of debentures. Accordingly, 130,41,900 shares
- Part B of Rs 100 was to be compulsorily brought back by the
at the option of the investor on expiry of 6 years from date of
allotment of debentures. Of the option was not excercised then the
part be redeemed at par at the end of 8th, 9th and 10th year from
date of allotment of debentures.
- The company also issued 10,50,000-19% second redeemable
non-convertible debentures of Rs 100 each of which 1,05,000
were reserved and allotted to promoters, directors, etc. Of the
remaining 47,250 debentures were issued as preferential basis to
employees of the company and those of promoters company. Balance
8,97,750 debentures were issued to the public. Rs 100 was to be
redeemed at par on expiry of 7th year from the date of allotment of
- The Company undertook to set up in the first phase of 162.5 MW
fuel fired combined cycle power plant adjoining the existing plant
Baroda at an approximate cost of Rs 378 crores. The Gas turbine
generator and accessories were manufactured at BHEL.
- The company undertook to set up a 2 x 125 MW lignite based
power plant in the Nani Naroli village, Dist. Surat.
- 49,24,183 No. of equity share allotted on promoters, 124,20,000
shares allotted conversion of PCDS in 1992. 6,21,900 shares
by Directors from public issue 60,75,817 shares issued to promoters
- The Government of Gujarat accorded in principal clearance for the
Company's proposed expansion of lignite based 2 x 250 MW power
existing at the site of Surat Lignite power project.
- During August-September, the company offered 249,85,118-18%
redeemable partly convertible debentures of Rs 70 each for cash at
on Rights basis in proportion 1 debenture: 2 equity shares held.
- Part A of Rs 25 of the face value of each debenture was converted
into 1 equity share of Rs 10 at a premium of Rs 15 per share on the
date of allotment of debentures. Accordingly 249,80,118 shares
- Part B of Rs 75 of the face value of each debenture was to be
redeemed at par in three equal instalments at the end of 5th, 6th
7th years respectively from the date of allotment of debentures.
- Crisil has withdrawn its BBB rating assigned to company's Rs.
million NCDs as same has been redeemed.
- CARE has revised the ratings assigned to the company from `CARE
to `CARE BBB+'.
-Appoints Dr Manjula Subramaniam as the Additional Director of the
-Shri ArunKumar Solanki gives resignation as a director to the
-Mr R N Joshi appointed as the Director on the Board of the company.
-Shri A Khandual has been appointed as IDBI Nominee director on the
Board of the company wef March 15, 2004.
-Shri RN Singh has been appointed as director on the board of the
-Prof Sekhar Chaudhuri has appointed as an additional director of the
company wef May 18, 2004.
-Gujarat Industries Power enters into MoU with Govt of Gujarat &
Gujarat State Electricity Corporation Ltd.
- Gujarat Industries Power Company Ltd has appointed Shri. M M
Srivastava, IAS, Principal Secretary, Energy & Petrochemicals Dept.,
Govt of Gujarat, as Chairman of the Company vice Smt. Vijaylaxmi
-Shri A C Shah has been appointed as Company Secretary & DGM (Legal)
Section 383A of the Companies Act, 1956 and also as Compliance
Officer of the Company.
-Shri Mukesh Puri, IAS has been appointed as Director of the Company
vice Shri P. H. Rana as Nominee of Gujarat Urja Vikas Nigam Ltd.
-Shri D. C. Jain has been nominated by IDBI Bank Ltd.
-The Company have recommended payment of Dividend of Rs. 2.50 per
Equity Share (i.e. 25%) for the Financial Year 2012-13.
-Gujarat Industries Power awards EPC contract to Lanco Infratech
-Surat Lignite Power Plant (SLPP)receives 1st Plant category in the
National Energy conservation award 2013 Prize under Thermal Power.
-The Comapny have recommended payment of Dividend of Rs. 2.50 per
Equity Share (i.e. 25%) for the Financial Year 2013-14.
-Gujarat Industries Power Company Ltd Synchronization of GIPCL, SLPP
Phase - I Unit #1 (125 MW)
-Guj. Industries Commissioning of first Two nos. of Wind Turbine
Generators (WTG), out of 51 MW Wind Power Project
-Agreements under Power System Development Fund (PSDF) Support Scheme
of the Ministry of Power (MoP) for Gas
-Synchronization of Unit-3 (125 MW) of Phase II of SLPP with Grid
- Commissioning of 8th Wind Turbine Generator (WTG), out of 51 MW
Wind Power Project.
-Gujarat Industries Power has commissioned 1 MWp Distributed Solar
Power Project at Village.
-GIPCL bids successfully for 40 MW Solar Power Project in Gujarat
Solar Park, Village Charanka under National Solar Mission Phase-II,
- GIPCL signes Power Purchase Agreements with Solar Energy .
-GIPCL Power Purchase Agreements (PPA) signed by GIPCL with Gujarat
Urja Vikas Nigam Limited.