Jaypee will invest Rs 1100 crores to acquire Kanpur Fertilizer Unit

by khalid on 25/09/2010 · 19 comments

The Jaypee Group will invest Rs 1,100 crore to acquire a closed fertilizer factory near Kanpur, owned by tea producer Duncans Industries Ltd. The factory will be hived off into a 50:50 joint venture with Jaypee Fertilizers and Industries Ltd, a subsidiary of Jaiprakash Associates Ltd.

The deal has to be cleared by the Board for Industrial and Financial Reconstruction (BIFR), which provides protection from creditors to companies in financial trouble.

Kanpur Fertilizer Unit has an annual production capacity of 722,000 tonnes and was shut in 2002. Though Jaypee Fertilizers will initially own 50%, it will exercise managerial control over the company, Jaypee Group chairman Manoj Gaur said. Jaypee will not pay separately for the equity, but will bear the factory’s liabilities and the cost of restarting production. “Duncans had reached a settlement with banks, but that has to be firmed up,” said Gaur. “Only a detailed audit would establish the exact liability; we would not be surprised if it approaches Rs700 crore.”

The factory owes around Rs 700 crore to banks, which have agreed to settle for around Rs 280 crore, a Duncans official had earlier said, requesting anonymity.

Refurbishment could cost another Rs 400 crore. “God willing, the plant should be ready by March next year,” said Gaur.

Duncans’ chairman G.P. Goenka said that the biggest beneficiaries of this deal are going to be the workers, fixed deposit holders and the banks .

Obtaining BIFR clearance could take several months. But within three months of receiving it, all 64,000 fixed deposit holders will be paid in full, Goenka said. The firm owes them Rs 75 crore.

Duncans would pull out of the joint venture in a phased manner after the BIFR has cleared the deal. It is currently staying invested in it to comply with BIFR and other regulations.

Related Posts Plugin for WordPress, Blogger...

Leave a Comment

{ 19 comments… read them below or add one }

ajay pandey January 27, 2011

carrier in kanpur


khalid January 27, 2011

Is it unbelievable or what Mr Ajay !


sanjay February 1, 2011

wishtojoin J.P.kanpur in administrative opening


sanjay February 1, 2011

wishtojoin J.P.kanpur in administrative openingplese call


Brajesh Pal February 3, 2011

I am brajesh pal get the job your company.give me your one chance


tanuj wadhwa February 9, 2011

sir we are labour supplier for all types of work and specialy in pipe and duct work
i came to know about the resetup of plant if there is any requirement for laour please call me at 09873291915
tanuj wadhwa


khalid February 22, 2011

Hi Tanuj,
you have to visit the site personally at Panki and meet Mr R. K. Awasthi there.


Subroto Sen Sharma February 22, 2011

I am working in MNC and hard working I wish you to came in my city. I want to working with you


khalid February 22, 2011

Its nice that you are from Kanpur, it will be good for you if you work in Kanpur Fertiliser.
Send your CV here ……


ajay pandey February 22, 2011

Its nice that you are from Kanpur, it will be good for you if you work in Kanpur Fertiliser.


Ashutosh Vishnoi July 5, 2011

I am B. Tech. (Chemical) working in Adiyabirla group and hard working I wish you to come back in my city i.e. Kanpur. I want to work with you in Kanpur Fertiliser . please give me chance.


Ashish trivedi March 22, 2011

Respected sir,
I m mech. diploma fresher & i want to join your group. so please gives the information of recruitment.


Arvind June 1, 2011

Dear Sir,
I m MCA & have IT exp. & i want to join your group. so please gives the information of recruitment.


Vikram Pandit June 1, 2011

Hello Khalid,
We have received some enquiries from the market for this project for some critical equipments. Would appreciate if you can send in some contact numbers of the project people.

Vikram Pandit


sudhanshu gaur July 31, 2011

i m agriculture graduate in 2010.now i m studing in msc (soil science and agriculture chemistry). i want to job in your firm.so please
give me opportunity.


shashi kant patel August 11, 2011

Dear Sir,
This is shashi kant ,completed degree BE in Mechanical in 2009 batch. i have 2 year experience in thermal powerplant 150 MW, i am very interested to join your organization which is located in kanpur( fertilizer),

So please give me a chance to share my experience and knowledge in youe steemed organization

Shashi kant patel


Omesh Srivastava October 30, 2011

Respected Sir, i am diploma chemical & i want to join your group. So please gives the information of recruitment. Mob.-09458552076


Partha Bhattacharjee November 15, 2011

Respected Sir,

I am a “Sr Manager” of a Fertiliser manufacturing co in West Bengal. I have 25+ years experience in selling fertiliser in entire eastern region.

I was the “Sr Officer” of “PeerLess Developers Ltd” Fertilizer Division where we were the “Super Distributors” of “Duncun Industries Ltd”.
I wil be happy if I can able to serve the “Chhand Chhap” Urea whose demand was high in eastern region.

Partha Bhattacharjee
(M) 9903034715


Pradeep umrao February 2, 2012

dear sir,
i want to know how i apply for job in duncun industries ltd
i did iti in fitter trade
please help me out
my contact no 9336379766


Previous post:

Next post: