Company History - GVK Power & Infrastructure
The GVK is a diversified business house with interests in a range of
businesses
including power, roads, urban infrastructure, bio-science, hotels and
manufacturing.
GVK has promoted or has equity investments in TAJGVK Hotels and
Resorts Limited,
Novopan Indistries Limited, GVK Biosciences Private Limited, GVK
Jaipur-Kishangarh
Expressway Private Limited.
In recent years the Promoters through our Promoter Group Companies
have increasingly
focused on the power and infrastructure sector. G.V. Krishna Reddy,
the Chairman &
Managing Director of GVKPIL, is a first generation entrepreneur who
established the
business four decades ago.
The Company was incorporated in the National Capital Territory of
Delhi on December
2, 1994 as Jegurupadu Operating & Maintenance Company, a private
company with
unlimited liability, under the Companies Act, 1956. The Company was
converted from a
company with unlimited liability to a company with limited liability
and consequently the
name was changed to Jegurupadu Operating & Maintenance Company
Private Limited
on April 20, 2005. Subsequently, our Company was converted from a
private limited
company to a public limited company on May 19, 2005 and the name was
changed to
Jegurupadu Operating & Maintenance Company Limited. Thereafter, the
name of the
Company was changed to GVK Power & Infrastructure Limited on July
13, 2005.
The Company is the holding company of the power businesses of the GVK
and provides
operations and maintenance services to its power assets. It has an
equity stake in GVK
companies engaged in the generation of electricity in the State of
Andhra Pradesh, namely
GIL, the company's Subsidiary, and GPL, Associate Company. It also
the O&M Contractor for
the power plants of GIL and GPL.
GVKPIL was originally promoted by our Promoters and CMS Energy, USA.
CMS Energy, USA
contributed 60% of the equity capital through JOMC, Mauritius and the
balance was
contributed by the Promoters through Triumph International.. In
February 2005, GVK Reddy
and his family bought the entire stake of Triumph International and
JOMC, Mauritius.
GIL was originally promoted in 1992 by the GVK and CMS (USA). The
Asian Infrastructure
Fund (through Golden Palm Limited and Vintage Investments Limited)
subscribed to 29.75%
of the equity share capital of GIL in 1993. In September 1995,
pursuant to an equity
investment of 10%, as well as a loan to GIL, by IFC, the then
shareholders of GIL executed a
shareholders agreement to set out their inter-se rights and duties as
regards GIL.
GPL was originally incorporated by Satyam Constructions Private
Limited (name subsequently
changed to Maytas Infra Private Limited) in 1996. Subsequently, IJM
Corporation Berhard
(Malayasia) joined as strategic equity partner. In 2000 NCC Power
Corporation Limited, another
IPP based in Andhra Pradesh, merged with Gautami Power Private
Limited through a Scheme
of Amalgamation. As a result of the merger the shareholders of GPL
were Maytas Infra Private
Limited along with their affiliates, IJM Corporation Berhard
(Malayasia) through its subsidiary
and NCC Power Corporation Limited. In July 2003, the Promoters
through GVK Energy Holdings
Private Limited (originally GVK Power Private Limited) took over the
Company as a strategic
equity partner and assumed the responsibility of implementing the
power project and also
contributed to the equity of the project, and executed an agreement
in July 2003. Currently,
equity contribution to the extent of 38.38% to the paid up equity of
GPL has been made by
GVKPIL, which is proposed to be increased to 51% through the infusion
of part of the IPO
proceeds. The other equity share holdings of Maytas, IJM and NCC are
17.71%, 25.09% and
18.82%, respectively. See History and Certain Corporate Matters-
Gautami Power Limited-
Agreement among the shareholders of the GPL on page [*] of this Draft
Red Herring
Prospectus for further details.
The Company has tied up the entire financial assistance of Rs.10,150
million (constituting
70% of the project cost of Rs 14,500 million) from various lenders,
lead by Power Finance
Corporation Limited (PFC). As a part of the security mechanism
Maytas, IJM, NCC and
GVKPPL and their respective affiliates were required to pledge 51% of
their respective
shareholding on the current paid up capital of the GPL with PFC.
Accordingly, GVK Energy
Holdings Private Limited and Transoceanic Projects Limited, Mauritius
(affiliates of GVKPPL)
have pledged 51% of their holding in GPL with PFC. In October 2005
GVKPIL acquired
GVKPPL and Transoceanic Projects Limiteds equity stake in GPL.
Accordingly, 51% of the
equity shares in GPL now held by GVKPIL continue to remain pledged
with PFC.
2006
-GVK to join hands for ultra mega projects
2007
- GVK Power & Infrastructure Ltd has appointed Mr. Sanjay Narayen
(IAS) as an Additional Director.
-GVK Power signs MoU with Govt of Tamil Nadu to set up SEZ
-GVK Power & Infrastructure Ltd has informed that Mumbai
International Airport Pvt Ltd an associate Company of GVK Power &
Infrastructure Ltd, has signed EPC Agreement on November 01, 2007
with L&T.
2008
-GVK Power & Infrastructure Ltd has informed that name of the
Company's wholly owned subsidiary i.e. GVK Energy Ltd has been
changed to GVK Oil & Gas Ltd.
-GVK Power & Infrastructure Ltd has appointed Mr. A Issac George,
Chief Financial Officer as Additional Director of the Company and
also subject to approval of the shareholders and the Central
Government, if any, as Director (Finance) for a period of 3 years
with effect from April 01, 2008.
- GVK Power & Infrastructure Ltd has purchased the full equity share
capital of GVK Energy Pvt Ltd and GVK Developmental Projects Pvt Ltd
on May 9. As a result, these two companies have become wholly owned
subsidiaries of the company.
- The Company has splits its face value from Rs10/- to Rs1/-.
2009
- GVK Power & Infrastructure Ltd has appointed Mr. Krishna Ram Bhupal
as an Alternate Director to Mr. Somanadri Bhupal at the Board Meeting
of the Company held on April 29, 2009.
-GVK Power - Acquisition of Shares in Bangalore International Airport
Ltd. (BIAL)
2010
- GVK Power and Infrastructure Ltd. has said that it has awarded Rs.
3,200 crore construction contract.
The project was for its 800 Mw of gas-based power project to a
consortium of South Korea's Hyundai Engineering and Larsen & Toubro
(L&T).
2011
-GVK Power signs 2 MoUs with Govt. of Indonesia.
2012
-GVK Power & Infra gets recognition at Asia Mining Congress in
Singapore
-GVK Power & Infra gets environmental approval for Alpha coal and
Rail project in Australia.
-GVK Power and Infrastructure signs Operations & Management contract
with Indonesian airport.
2013
-GVKs starts second coal mine project in Australia (Kevins Corner)
gets environmental approval.
-GVK Hancock Coal And Thiess Sign Alpha Coal Mine Operations.
-GVK inks agreement with Aurizon to develop Galilee Basin rail and
port infrastructure.
-GVK CSIA awarded Best Airport Honour by ACAAI and Kale Logistics.
-GVK wins Skoch Award 2013 in Health category.
2014
-GVK Hancock secures environmental clearance for its Alpha.
-GVKs new iconic Terminal 2 inaugurated at CSIA to set new global
benchmarks.
-GVK BIO Announces Successful Completion of Drug Repurposing Efforts
to Identify Novel Indications
2015
-GVK Power & Infrastructure Ltd Developments in Transportation
Business
-GVK EMRI gets GOLD Recognition Award
-Supreme Court supports Alpha Coal Project Environmental Approvals
-GVK EMRI completes ten years of successful operations across India
2016
-GVK Power & Infrastructure- Developments in Energy business.
-GVK Power & Infrastructure - Developments in Airport business.
