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It gives me immense satisfaction to felicitate you for your contribution in supporting the Group's listed power company, which right from the time it commissioned its BASPA–II Hydroelectric Project, has inspired people across the nation for harnessing the power potential of the country. The decade gone by, especially the last five years, have seen a momentous period for the Group and with the determination and dint of hard work, your company, today is poised to be amongst the most successfully run power companies in the country with world class assets and sustained profitability. Jaypee Group is the only integrated solution provider for Hydropower projects in the country with a track record of strong project implementation in different capacities and participation in projects that have added over 8840 MW of Hydroelectricity to the National grid between 2002 to 2008 –AN UNPARALLEL FEATURE IN INDIAN POWER SECTOR.
You would be proud to know that in "pursuit of excellence" which is an integral part of group culture, all workers, staff and officers engaged in Group's 300 MW BASPA–II Hydroelectric Power Station were successful in bagging GOLD SHIELD for meritorious performance in power sector from the Ministry of Power for the year 2007–08, a step forward from the SILVER SHIELD, BASPA–II HEP won for the year 2004–05. In this defining moment of history, where India strives to achieve an honorable presence in august company of developed nations, development of all sectors assumes greatest attention from all Indians. Power sector, which directly impacts the common man as well as aids the economic growth of the nation, today attracts the focus of all. It is humbling to see while as a country we continue to struggle to meet peak shortfall of almost 14000 MW where, in the 11th five year plan, capacity addition of 78700MW is proposed, your organization is mandated to be a power producer with thermal – hydro mix of over 13520 MW in less than 7 years from now.
The 1000 MW Karcham Wangtoo project (Himachal Pradesh) is under advanced stage of implementation and is poised to be completed by 2011 (six months ahead of schedule). In addition, with 3200 MW projects coming up in Arunachal Pradesh and 720 MWin Meghalaya, the Group will have total Hydropower generation capacity of over 5000 MW by 2016. It will be the only company in private sector which will contribute 2000 MW (Hydro & Thermal) in the 11th plan to the nation.
For a country of our size, policy makers have recommended a power regime of 60% hydro and 40% thermal. As an organization, with deep faith in potential of our country, it is not a coincidence that your portfolio in power business has a judicious mix of thermal and hydro, with thermal accounting for 7850 MW and hydro accounting for 5620 MW.
As a responsible corporate citizen, it is our bounden duty to give back to the society with interest, to enable future citizens of the nation feel proud of their forefathers. You would be delighted to know that your company, with 13000 MW capacity of power, has ensured that 6600 MW of thermal power would come from super critical technology evidencing best environment care while 300 MW BASPA–II Hydroelectric Station and 400 MW Vishnuprayag Hydroelectric Station today earn Verified Emission Reduction (VER), which is testimony of the faith the regulatory bodies of the world have reposed in environment care by the company.
Your trust in the company has always enhanced our responsibility and further increased our resolve to accelerate our efforts which results in growth of company and enhances shareholders value. Therefore, it was found appropriate that business of power generation is consolidated under one umbrella which would enable your organization to leverage its balance sheet for tapping financing from international market at competitive price to enable us keep cost of creating new capacities under control. While you would be invited for your consent for the proposed amalgamation in due course, I am taking this opportunity to share this development, which your Board of Directors have approved, based on the emerging opportunities in the international market.
We see unparallel opportunities for growth in power sector. Electricity, today, is being traded through exchange which is aimed to get the best for the customer in times to come. Therefore, company with the most competitive cost of power generation would be the winner. Your world class assets, consistent output and well engineered raw material supply chain would make company face fiercest of competition with aplomb. It would be our continued endeavour to improve our efficiency, maintain our consistency and work to achieve growth for shareholders.
At this juncture, I would like to place on behalf of the Board of Directors of the Company our deepest gratitude to Banks, Financial Institutions, State Electricity Boards, Regulatory Authorities of different states and you, without whose trust and support we would not have reached thus far. Every member of the company continues to be inspired by one fact that, "SUCCESS IS NOT A DESTINATION BUT A JOURNEY"