Background: JPA began operations as a civil engineering company in 1979, diversifying into hospitality and cement sectors in 1980 and 1983, respectively. JPA has emerged as the third largest cement group in the country with capacity of ~35MTPA (apart from JCC & JVs). It has a pan-India presence with plants across North, West, East, Central and Southern India. It has 1,700MW of operational hydro power capacity, making it the largest private sector player in the lucrative hydro electric power generation space. It has another 3,800MW of thermal power projects under construction, with plans to scale its power business to 13,420MW capacity by 2020. With its...