Bharat Heavy Electricals Limited Board Approves Joint Venture, Investment in BCGCL, and Plant Mergers
Bharat Heavy Electricals Limited (BHEL) announced several key decisions following a board meeting held on March 19, 2026. The meeting commenced at 1:11 PM and concluded at 2:40 PM.BHEL has authorized a Joint Venture (JV) agreement with Titagarh Rail Systems Limited to provide comprehensive maintenance for Vande Bharat Sleeper Trains. Clearance from DIPAM is pending, after which the JV agreement will be finalized. Specific details regarding the JV will be disclosed upon signing.
The company also approved an investment of ₹3064.46 crore in Bharat Coal GasificaƟon and Chemicals Limited (BCGCL), a joint venture with Coal India Limited. The investment will be spread over four years and made at face value. BCGCL was incorporated on May 21, 2024, with the objective of undertaking the coal to chemicals business, initially establishing a coal to 2000 TPD Ammonium Nitrate plant.
Furthermore, BHEL has decided to merge the Heavy Electrical Equipment Plant (HEEP) in Haridwar and the Central Foundry Forge Plant (CFFP) in Haridwar into a single unit, to be named Heavy Electrical Equipment Plant (HEEP), effective April 1, 2026. Similarly, the Heavy Power Equipment Plant (HPEP) in Hyderabad and the Project Engineering & Systems Division (PE&SD) in Hyderabad will be merged into a single unit, also named Heavy Power Equipment Plant (HPEP), also effective April 1, 2026.
Details of Investment in BCGCL
The following table outlines key details related to the investment in BCGCL:
| Detail | Information |
|---|---|
| Name of Target Entity | Bharat Coal GasificaƟon and Chemicals Limited (BCGCL) |
| Turnover | Nil |
| Ownership | Joint Venture Company with BHEL (49%) and Coal India Limited (51%) |
| Related Party Transaction | Yes, a Joint Venture; investment made at arm's length |
| Business | Coal to Chemicals, initially establishing a 2000 TPD Ammonium Nitrate plant |
| Governmental/Regulatory Approvals | Not Applicable |
| Completion Timeframe | Four Years |
| Consideration | Cash |
| Cost of Acquisition | ₹3064.46 crore at face value |
| Shareholding | 49% |
| Incorporation Date | May 21, 2024 |
| Last 3 Years Turnover | Not Available (NA) |
| Geographic Presence | India |
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