GVK Power and Infrastructure Ltd.

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History of GVK Power and Infrastructure Ltd.

The GVK is a diversified business house with interests in a range of businesses including power, roads, urban infrastructure, bio-science, hotels & manufacturing. GVK has promoted or has equity investments in TAJGVK Hotels & 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 & infrastructure sector. G.V. Krishna Reddy, the Chairman and Managing Director of GVKPIL, is a first generation entrepreneur who established the business four decades ago.

The Comp. was incorporated in the National Capital Territory of Delhi on December 2, 1994 as Jegurupadu Operating and Maintenance Company, a private Comp. with unlimited liability, under the Companies Act, 1956. The Comp. was converted from a company with unlimited liability to a Comp. with limited liability & consequently the name was changed to Jegurupadu Operating and Maintenance Comp. Private Limited on April 20, 2005. Subsequently, our Comp. was converted from a private limited company to a public limited Comp. on May 19, 2005 & the name was changed to Jegurupadu Operating and Maintenance Comp. Limited. Thereafter, the name of Company was changed to GVK Power and Infrastructure Limited on July 13, 2005.

The Comp. is the holding Comp. of power businesses of GVK & provides operations & 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 Subsidiary, & GPL, Associate Company. It also the O&M Contractor for the power plants of GIL & GPL.

GVKPIL was originally promoted by our Promoters & CMS Energy, USA. CMS Energy, USA contributed 60% of equity capital through JOMC, Mauritius & the balance was contributed by Promoters through Triumph International.. In February 2005, GVK Reddy and his family bought the entire stake of Triumph International & JOMC, Mauritius.

GIL was originally promoted in 1992 by GVK & CMS [USAs]. The Asian Infrastructure Fund [through Golden Palm Limited & Vintage Investments Limiteds] 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 & duties as regards GIL.

GPL was originally incorporated by Satyam Constructions Private Limited [name subsequently changed to Maytas Infra Private Limiteds] in 1996. Subsequently, IJM Corporation Berhard [Malayasias] 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 merger the shareholders of GPL were Maytas Infra Private Limited along with their affiliates, IJM Corporation Berhard [Malayasias] through its subsidiary and NCC Power Corporation Limited. In July 2003, the Promoters through GVK Energy Holdings Private Limited [originally GVK Power Private Limiteds] took over the Comp. as a strategic equity partner & assumed the responsibility of implementing the power project & also contributed to the equity of project, & 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 IPO proceeds. The other equity share holdings of Maytas, IJM & NCC are 17.71%, 25.09% & 18.82%, respectively. See 'History & Certain Corporate Matters- Gautami Power Limited- Agreement among the shareholders of GPL' on page [*] of this Draft Red Herring Prospectus for further details.

The Comp. has tied up the entire financial assistance of Rs.10,150 million [constituting 70% of project cost of Rs 14,500 millions] from various lenders, lead by Power Finance Corporation Limited [PFCs]. As a part of security mechanism Maytas, IJM, NCC & GVKPPL & their respective affiliates were required to pledge 51% of their respective shareholding on the current paid up capital of GPL with PFC. Accordingly, GVK Energy Holdings Private Limited & Transoceanic Projects Limited, Mauritius [affiliates of GVKPPLs] have pledged 51% of their holding in GPL with PFC. In October 2005 GVKPIL acquired GVKPPL & Transoceanic Projects Limited equity stake in GPL. Accordingly, 51% of the equity shares in GPL now held by GVKPIL continue to remain pledged with PFC.

2007

- GVK Power and Infrastructure Ltd has appointed Mr. Sanjay Narayen [IASs] as an Additional Director.

2008

-GVK Power and Infrastructure Ltd has informed that name of Company wholly owned subsidiary i.e. GVK Energy Ltd has been changed to GVK Oil and Gas Ltd.

-GVK Power and Infrastructure Ltd has appointed Mr. A Issac George, Chief Financial Officer as Additional Director of Comp. & also subject to approval of shareholders & the Central Government, if any, as Director [Finances] for a period of 3 years with effect from April 01, 2008.

- GVK Power and Infrastructure Ltd has purchased the full equity share capital of GVK Energy Pvt Ltd & GVK Developmental Projects Pvt Ltd on May 9. As a result, these two companies have become wholly owned subsidiaries of company.

- The Comp. has splits its face value from Rs10/- to Rs1/-.











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