BEL, BHEL in JV to generate solar power

Bharat Electronics Limited has joined hands with Bharat Heavy Electricals Limited to invest more than Rs 3,000 crore for generating solar power for commercial purposes, the first such venture of its kind in the country.
The integrated power unit will also produce solar cells, solar panels and wafers.
The two public sector big wigs which signed an MOU for the purpose would also explore the formation of a joint venture for solar photovoltaic business.
The power unit, which would be run on a commercial scale, would acquire technology either from Japan or Finland.
According to Mr VV Sastri, chairman and managing director of BEL, the deal should be firmed up in the next nine months and the project could be set up in multi-locations.
While declining to indicate the generating capacity of the proposed solar power plants, he said it would be quite big.
The incoming BEL chairman and managing director, Mr Ashwin Kumar Datt, on his part, said that possibilities of equity participation with the technology firms could not be ruled out though it was quite early to indicate anything.
In a related development, BEL is also proposing to set up wind mills on a large scale, over and above the ones set up to meet its own captive needs, as part of its energy business.
Accordingly, the public sector unit plans to float expression of interest for the purpose besides looking at joint ventures to fuel the project.
The company is also in an advanced stage for finalising five joint ventures with foreign partners for missile electronics and guidance systems, microwave products and components and airborne warfare systems.
Earlier, he said the sales turnover of the company during 2008-09 had shot up to Rs 4,611 crore against Rs 4,102 crore in the corresponding period last year.
The net profit for the period stood at Rs 808 crore. BEL also paid a huge dividend of 207 per cent for 2007-08. It also paid an interim dividend of 60 per cent for 2008-09.All the nine units of BEL had continued to achieve profits.
Exports also showed improvement at $17.75 million against $15 million in the previous year.
Regarding the company’s order book position, he said that as of now it hovered around Rs 10,000 crore against Rs 9586 crore in the corresponding period last year.The PSU hopes to continue its growth trend ,aiming to touch a turnover of Rs 5200 crore for 2009-10.

ref:
http://www.thestatesman.net/page.news.php?clid=12&theme=&usrsess=1&id=252706