BHEL likely to take final call on floating NBFC by April

Power equipment-maker BHEL is likely to take a final decision on floating a non-banking finance company next month, with a view to cash in on the business potential of funding power projects and acquisitions in overseas markets.

Cash-rich Bharat Heavy Electricals Ltd is looking at creating a NBFC to mainly fund projects in the power sector.

BHEL had appointed financial services firm Crisil to advise the company on floating a non-banking finance company.

"Crisil has submitted the report and the board would soon be considering the same... A final decision is likely in April or after that," sources said.

The state-run entity in a recent regulatory filing said that its board of directors would meet on March 15 to consider "the report of the consultant regarding formation of a non-banking finance company".

BHEL is estimated to have a cash surplus of over Rs 9,000 crore.

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