Bharat Heavy Electricals Limited (BHEL) has suffered a setback in its expansion plans after the Department of Investment and Public Asset Management (DIPAM) rejected its proposal to set up a joint venture with REC Power Development and Consultancy Limited. The decision was formally taken up during BHEL’s board meeting held on September 25.
The proposed partnership was expected to help the state-run engineering major strengthen its presence in the power sector. However, DIPAM’s refusal has put those plans on hold. BHEL had earlier, in May this year, clarified that discussions on the JV were underway as part of its broader strategy to explore new growth avenues.
In line with regulatory requirements, the company disclosed the development to stock exchanges under SEBI’s Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015. The official filing was signed by Dr. Yogesh R. Chhabra, Company Secretary of BHEL, and shared with both the BSE and NSE.
While the JV rejection dominated the agenda, the board also discussed other corporate matters. The company announced that its trading window will remain closed for designated persons and their relatives from October 1, continuing until 48 hours after the declaration of its second-quarter results.
At the same time, BHEL reported changes in its senior management. Two new General Managers were appointed — Shri V. Shrinivas Rao as GM & Head (HBG), PS-BG II, Noida, and Shri Ajay Kumar as GM & Head (PEM & CPC), Noida. Meanwhile, two senior executives, Shri Pankaj Rastogi (Executive Director, HBG, PS-BG II, Noida) and Shri Praveen Kishore (Executive Director, CPC, PS-HQ, Noida, with additional charge of PS-PEM), superannuated on September 24.
These developments highlight the mix of strategic challenges and leadership transitions facing BHEL as it navigates a highly competitive and evolving power and engineering landscape.
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