Latest news with #JAL
Time of India
8 hours ago
- Business
- Time of India
Lenders plan to exit Rs 3,800-cr JPVL investment
New Delhi: Lenders to Jaiprakash Power Ventures (JPVL) are looking to sell their investment worth ₹3,800 crore in the listed power company, people aware of the discussions told ET. The lenders came to own the equity in lieu of the funds they had advanced during debt restructuring , The investment is in the form of compulsorily convertible preference shares (CCPS) that were allotted at the time of the company's debt restructuring in 2019. The CCPS were issued in lieu of downsizing the company's repayable debt. The plan was discussed at a meeting of JPVL's committee of creditors last weekend, said the people aware of the lenders' plans. JPVL has a market capitalisation of ₹14,686 crore. It is profitable unlike its parent Jaiprakash Associates (JAL), which is undergoing insolvency proceedings. The buyer of the CCPS will own a sizeable 25% stake in JPVL upon conversion of the CCPS into shares. The transaction will also trigger an open offer for a further 26% to public shareholders as per Sebi norms. Effectively, the buyer could own up to 51% of the company. ICICI Bank leads the creditor group. The lenders have decided to approach 10-12 large power generation companies to assess their interest in purchasing the instruments, according to sources. The plan could face setbacks if bidders don't show interest. JPVL's shares surged 5% on Tuesday hitting the upper circuit and closed at ₹21 .43 apiece on the national stock exchange. ICICI Bank did not respond to ET's queries on the matter. JAL only has a 24% ownership in JPVL. If the CCPS changes hands then the control of the company will pass on to a new set of shareholders leaving JAL as a passive investor. Lenders have no interest in holding a stake in the company or getting involved operationally. JPVL has operational thermal and hydro power plants with 2.2 gigawatts of electricity generation capacity.
Time of India
16 hours ago
- Business
- Time of India
Lenders plan to exit Rs 3,800-cr JPVL investment
New Delhi: Lenders to Jaiprakash Power Ventures (JPVL) are looking to sell their investment worth ₹3,800 crore in the listed power company, people aware of the discussions told ET. The lenders came to own the equity in lieu of the funds they had advanced during debt restructuring , The investment is in the form of compulsorily convertible preference shares (CCPS) that were allotted at the time of the company's debt restructuring in 2019. The CCPS were issued in lieu of downsizing the company's repayable debt. Explore courses from Top Institutes in Please select course: Select a Course Category Others MBA Finance PGDM Data Analytics Leadership Data Science Public Policy CXO Product Management MCA Cybersecurity Healthcare healthcare Data Science Degree Project Management Digital Marketing others Management Design Thinking Operations Management Artificial Intelligence Technology Skills you'll gain: Duration: 9 months IIM Lucknow SEPO - IIML CHRO India Starts on undefined Get Details Skills you'll gain: Duration: 28 Weeks MICA CERT-MICA SBMPR Async India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT-ISB Transforming HR with Analytics & AI India Starts on undefined Get Details The plan was discussed at a meeting of JPVL's committee of creditors last weekend, said the people aware of the lenders' plans. JPVL has a market capitalisation of ₹14,686 crore. It is profitable unlike its parent Jaiprakash Associates (JAL), which is undergoing insolvency proceedings. The buyer of the CCPS will own a sizeable 25% stake in JPVL upon conversion of the CCPS into shares. The transaction will also trigger an open offer for a further 26% to public shareholders as per Sebi norms. Effectively, the buyer could own up to 51% of the company. Live Events ICICI Bank leads the creditor group. The lenders have decided to approach 10-12 large power generation companies to assess their interest in purchasing the instruments, according to sources. The plan could face setbacks if bidders don't show interest. JPVL's shares surged 5% on Tuesday hitting the upper circuit and closed at ₹21 .43 apiece on the national stock exchange. ICICI Bank did not respond to ET's queries on the matter. JAL only has a 24% ownership in JPVL. If the CCPS changes hands then the control of the company will pass on to a new set of shareholders leaving JAL as a passive investor. Lenders have no interest in holding a stake in the company or getting involved operationally. JPVL has operational thermal and hydro power plants with 2.2 gigawatts of electricity generation capacity.
Sydney Morning Herald
7 days ago
- Sydney Morning Herald
Frustration over a Qantas upgrade changed the way I travel
But the post-COVID hoops to leap through in order to actually snag one for myself and another for my daughter proved beyond my patience, though the process is said to have improved over the past year. A friend who had recently returned from a European family holiday sighed and ordered me to meet Amanda at a little agency called Brighton Travelworld. And there, all my pride about organising everything myself melted away. I inquired of Amanda whether she might know of an airline that offered premium economy at a reasonable price. She looked me in the eye and said, 'You don't want to fly premium economy. It's not all that much better than economy.' I knew this, I said, but we couldn't afford to pay outright to fly business class. 'We'll see about that,' said Amanda, applying flying fingers to her keyboard. Having established that our travel dates were flexible, she conjured up two discounted business-class flights on Japan Airlines (JAL) travelling Melbourne to London via Tokyo and returning from Frankfurt. For less than half the best price I'd seen on the websites of major airlines. Return. That was still quite a wad of loot, of course, but woowee, half price! Plus JAL had a reputation for excellence – and, as we discovered, fabulous Japanese food on board. Anyway, we had been saving for this dad and daughter trip through all the long years of COVID and before. We jumped at the JAL deal, though it meant changing airports in Tokyo and staying overnight on the first leg. No worries. Amanda arranged a driver to transfer us from Narita to Haneda airports and overnight accommodation in a splendid airport hotel. Next, I needed advice. Would it be best to pay point-to-point fares on trains that would take us from Scotland to London and on to Amsterdam, to a couple of stops in Belgium (Bruges and Ypres), to Paris, on to Switzerland and finally, Germany? Or would a Eurail Pass be cheaper and more efficient? 'Leave it with me. I have a specialist,' said Amanda, asking me to draw up a schedule for the train travel. A few days later, she informed me that her specialist had acquired for us two suitable Eurail passes and had reserved first-class seats on each leg, though there were a couple of local trains that didn't require reservations. Loading First-class? Turned out it wasn't vastly more expensive than 2nd, and it provided access to lounges at several railway stations, plus seat-service meals and guaranteed, extra comfortable seating in uncrowded carriages. I probably wouldn't have ticked the option myself, but a travel agent had made the decision for me – a fait accompli! It was worth every extra cent, we figured later, streaming through glorious European countryside in luxury. Amanda arranged travel insurance and supplied our entire itinerary, complete with necessary coupons, in a handy travel purse. Determined not to hand over all my previously accustomed autonomy, I did our own accommodation bookings through Qantas Hotels. By paying with a combination of cash and points, we didn't have to shell out crippling amounts of money for excellent accommodation everywhere. We set a limit of about $250 a night in cash and topped up the remaining tariff with those Qantas points we had planned to use for the flight upgrades we'd never managed. All that was left was car hire for a trip around Scotland. Loading We got lucky again. I happened across rave reviews for a company called Celtic Legend. Not familiar with the company, I emailed. A helpful fellow named Steve replied in minutes, assuring us they could arrange everything. When I informed the company I didn't want to drive in Glasgow and would be heading out of town via Loch Lomond, there came a 'no worries' email. They'd pick us up from the railway station and drive us to one of their depots on the edge of the city. And so it came to pass. After a week travelling around Scotland, we dropped off the vehicle outside Edinburgh, with the offer of a lift to the tram into town, though we took an Uber. A comparison with better-known car-rental companies showed we'd saved several hundred dollars. I've promised another daughter a holiday down the track a bit.
The Age
7 days ago
- The Age
Frustration over a Qantas upgrade changed the way I travel
But the post-COVID hoops to leap through in order to actually snag one for myself and another for my daughter proved beyond my patience, though the process is said to have improved over the past year. A friend who had recently returned from a European family holiday sighed and ordered me to meet Amanda at a little agency called Brighton Travelworld. And there, all my pride about organising everything myself melted away. I inquired of Amanda whether she might know of an airline that offered premium economy at a reasonable price. She looked me in the eye and said, 'You don't want to fly premium economy. It's not all that much better than economy.' I knew this, I said, but we couldn't afford to pay outright to fly business class. 'We'll see about that,' said Amanda, applying flying fingers to her keyboard. Having established that our travel dates were flexible, she conjured up two discounted business-class flights on Japan Airlines (JAL) travelling Melbourne to London via Tokyo and returning from Frankfurt. For less than half the best price I'd seen on the websites of major airlines. Return. That was still quite a wad of loot, of course, but woowee, half price! Plus JAL had a reputation for excellence – and, as we discovered, fabulous Japanese food on board. Anyway, we had been saving for this dad and daughter trip through all the long years of COVID and before. We jumped at the JAL deal, though it meant changing airports in Tokyo and staying overnight on the first leg. No worries. Amanda arranged a driver to transfer us from Narita to Haneda airports and overnight accommodation in a splendid airport hotel. Next, I needed advice. Would it be best to pay point-to-point fares on trains that would take us from Scotland to London and on to Amsterdam, to a couple of stops in Belgium (Bruges and Ypres), to Paris, on to Switzerland and finally, Germany? Or would a Eurail Pass be cheaper and more efficient? 'Leave it with me. I have a specialist,' said Amanda, asking me to draw up a schedule for the train travel. A few days later, she informed me that her specialist had acquired for us two suitable Eurail passes and had reserved first-class seats on each leg, though there were a couple of local trains that didn't require reservations. Loading First-class? Turned out it wasn't vastly more expensive than 2nd, and it provided access to lounges at several railway stations, plus seat-service meals and guaranteed, extra comfortable seating in uncrowded carriages. I probably wouldn't have ticked the option myself, but a travel agent had made the decision for me – a fait accompli! It was worth every extra cent, we figured later, streaming through glorious European countryside in luxury. Amanda arranged travel insurance and supplied our entire itinerary, complete with necessary coupons, in a handy travel purse. Determined not to hand over all my previously accustomed autonomy, I did our own accommodation bookings through Qantas Hotels. By paying with a combination of cash and points, we didn't have to shell out crippling amounts of money for excellent accommodation everywhere. We set a limit of about $250 a night in cash and topped up the remaining tariff with those Qantas points we had planned to use for the flight upgrades we'd never managed. All that was left was car hire for a trip around Scotland. Loading We got lucky again. I happened across rave reviews for a company called Celtic Legend. Not familiar with the company, I emailed. A helpful fellow named Steve replied in minutes, assuring us they could arrange everything. When I informed the company I didn't want to drive in Glasgow and would be heading out of town via Loch Lomond, there came a 'no worries' email. They'd pick us up from the railway station and drive us to one of their depots on the edge of the city. And so it came to pass. After a week travelling around Scotland, we dropped off the vehicle outside Edinburgh, with the offer of a lift to the tram into town, though we took an Uber. A comparison with better-known car-rental companies showed we'd saved several hundred dollars. I've promised another daughter a holiday down the track a bit.
Time of India
23-07-2025
- Business
- Time of India
Adani group seeks Competition Commission's nod to acquire Jaiprakash Associates
NEW DELHI: Billionaire Gautam Adani-promoted Adani group on Tuesday sought approval from the Competition Commission of India (CCI) to acquire Jaiprakash Associates Ltd. The development came after Adani group reportedly made an unconditional bid for debt-ridden Jaiprakash Associates Ltd (JAL), which is undergoing corporate insolvency resolution process (CIRP). "The proposed combination relates to the acquisition of up to 100 per cent of the shareholding of the target (Jaiprakash Associates Ltd) by the acquirers (Adani Enterprises Ltd and Adani Infrastructure and Developers Pvt Ltd) or any other entity forming part of the Adani Group," according to a notice filed with the CCI. Adani Enterprises Ltd (AEL) is the flagship company of Gujarat-based Adani group. JAL is an infrastructure conglomerate with interests in engineering and construction, cement, power, real estate, and hospitality. In a notice to CCI, AEL, Adani Infrastructure and Developers and JAL have said the "proposed combination does not raise competition concerns in any plausible relevant market and therefore, the relevant market delineations may be left open. They have also identified certain potential vertical linkages regarding products/services such as limestone, fly ash, clinker, coal management services, ready mix concrete and provision of construction activities, which are linked to the market for manufacture of cement. "These vertical linkages do not give rise to any competition concerns," the notice stated. Last month, Dalmia Cement (Bharat) Ltd also submitted a notice and sought clearance from the fair trade regulator CCI to acquire 100 per cent stake in JAL, including its assets and proportionate shareholding in its subsidiaries, associate companies and joint ventures. Earlier, lenders of JAL have turned down Jaypee Infratech's request to accept its resolution plan to acquire the bankrupt diversified company. Five companies -- Adani Enterprises, Vedanta Group, Dalmia Bharat Cement, Jindal Power and PNC Infratech -- have submitted their resolution plans to acquire JAL. JAL, was admitted into the CIRP through the National Company Law Tribunal, Allahabad Bench, order dated June 3, 2024. JAL was taken to insolvency proceedings after the conglomerate defaulted on the payment of loans. Creditors are claiming a staggering Rs 57,185 crore. The National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India (SBI). JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, strategically located near the upcoming Jewar International Airport. It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. The cement plants, however, are non-operational. It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd and several other companies. Jaypee Group's Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group through an insolvency process. Suraksha Group has to complete various stalled projects comprising around 20,000 apartments in Noida and Greater Noida.
