GVK Power And Infrastructure

Adani Group, JSW Neo Energy and Jindal Power are among 21 firms that submitted Expressions of Interest for GVK Energy, which is under insolvency proceedings at NCLT

As the entity now awaits a new buyer under the insolvency process, concerns arise about what remains of the group and the listed entity

GVK Power and Infrastructure Ltd (GVKPIL) will face insolvency proceedings for failure to pay loans to lenders, a corporate insolvency court has said. The Hyderabad bench of National Company Law Tribunal (NCLT) issued the order on a petition of lenders' group led by ICICI Bank Ltd, GVKPIL said in a stock exchange filing. The loan was originally availed of by GVK Coal Developers (Singapore) Pte Ltd over a decade ago, for which GVKPIL acted as a guarantor. The NCLT bench issued the order on July 12, which was made public on Monday. The petition was filed by ICICI Bank in 2022. NCLT appointed Satish Kumar Gupta as an interim resolution professional for managing the company during pendency of the insolvency. "The corporate debtor has acknowledged its liabilities and admitted the factum of corporate guarantee in its annual reports for the FYs 2018-19, 2019-20, and 2020-21. As on June 13, 2022, the borrower was liable to pay USD 1.84 billion comprising principal amount of USD 1.13 billi

GVK Power and Infrastructure Ltd on Friday posted a marginal rise of 1.48 per cent in its consolidated net profit to Rs 156.15 crore during the quarter ended September 2023, helped by increased income. It had clocked a net profit of Rs 153.87 crore during the July-September quarter of the preceding fiscal, the company said in a regulatory filing. The company's total income fell to Rs 395.75 crore from Rs 1,012.05 crore in the year-ago period. Its expenses declined to Rs 224.43 crore as against Rs 840.10 crore in the July-September quarter last year. GVK is an Indian conglomerate with diversified interests across various sectors, including energy, airports, transportation, hospitality and life sciences.

The stock price of GVK Power & Infrastructure was locked in the 5% upper circuit for the eight day, trading at its highest level since September 2018 on the BSE

GVK Power & lnfrastructure on Friday posted a consolidated net profit of Rs 275.27 crore for June quarter 2023-24, mainly due to lower expenses. The company had reported a consolidated net loss of Rs 400.08 crore for the quarter ended June 30, 2022, a BSE filing said. Total expenses declined to Rs 240.27 crore in the quarter from Rs 809.18 crore in the same period a year ago. Total income dipped to Rs 515.50 crore from Rs 620.37 crore in the same period a year ago. The company's board appointed T Ravi Prakash as the Company Secretary & Compliance Officer and his appointment is effective from September 1, 2023.

Total income of the company rose to Rs 620.37 crore in the quarter from Rs 73.21 crore a year ago.

These companies have lost 70 per cent of their market capitalisation in the past six years and four of them are down 90 per cent or more during the period

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The company is aiming to become the leading airport operator in the country after getting access to the key Mumbai airport and that has driven investor sentiment and confidence, say experts

According to report, the transaction under which Adani Group will acquire 50.5 per cent of GVK Group could be announced before next week

The auditors alleged that despite several communications to GVK, the group did not provide them with necessary information

ED sleuths are at nine locations in Mumbai, Hyderabad

On June 27, CBI had registered a case against GVK group chairman GVK Reddy, MIAL and AAI officials for cheating and criminal conspiracy that allegedly caused loss to the tune of about Rs 1,000 crore

Cidco's queries to GVK group on its financial health comes as the latter has been unable to secure funds from banks and start work on the project.

The total revenue of the company stood at Rs 1059 crore during the quarter under discussion against Rs 1060 core in Q2FY19.

Court slams GVK, says firm had no genuine exhibition of readiness to show it could pay off Bidvest to stop stake sale

In a filing with BSE, the city-based infra major said the transaction is subject to conclusion of confirmatory due diligence by ADIA and NIIF