NTPC wants to exit joint venture with BHEL

NTPCNSE -0.79 % Ltd has decided to exit the joint venture with BHELNSE 0.28 %, saying it is not a manufacturer of equipment and would rather concentrate on setting up and operating power plants. NTPC-BHEL Power Projects Pvt Ltd was set up in December 2007 as a 50:50 joint venture for manufacturing power equipment. The joint venture's first manufacturing facility at Mannavaram in Chittoor district of Andhra Pradesh started operations in 2016 but had very little orders. Top NTPC sources said the company has decided to exit the venture and has informed the power ministry about its intentions. NTPC wants BHEL to buy its equity in the joint venture, they said. The two companies had invested Rs 50 crore each as equity in the joint venture. The power producer wants BHEL to acquire its 50 per cent stake in the JV as also all the assets and liabilities and absorb all the employees, they said. The joint venture had little revenue visibility and needed a fresh injection of new orders or a new blueprint to sustain itself. ref: https://economictimes.indiatimes.com/industry/energy/power/ntpc-wants-to-exit-joint-venture-with-bhel/articleshow/63831466.cms

BHEL wins Rs 137 cr order for renovation at Telangana TPS

BHELNSE 0.28 % today said it has secured an order worth Rs 137 crore for renovation and modernisation of electrostatic precipitators (ESPs) at a thermal power station in Telangana. "Valued at Rs 137 crore, the turnkey order envisages carrying out renovation and modernisation of ESPs of three units of 200 MW each at Ramagundam Super Thermal Power Station (STPS), stage-I (3x200 MW) of NTPC," it said in a BSE filing. These ESPs have been in operation for more than 25 years. ref: https://economictimes.indiatimes.com/industry/indl-goods/svs/engineering/bhel-wins-rs-137-cr-order-for-renovation-at-telangana-tps/articleshow/63782649.cms

Creditor drags BHEL to NCLT to recover over Rs 1 crore due

Days after an Air India ex-pilot sough insolvency proceedings against the national carrier in the National Company Law Tribunal (NCLT), another state undertaking, Bharat Heavy Electricals (BHEL), has been is dragged to the NCLT by an operational creditor for dues of a little over Rs 1 crore. Acting under provisions of the Insolvency and Bankruptcy Code, 2016 (IBC), which makes it easy for employees and creditors to seek redressal under the overarching company law, Tricolite Electrical Industries Limited, a Gurugram, Haryana-based power sector company has filed an application under Section 9 of the IBC to get unpaid operational debt from BHEL. According to the complainant, the dues are in respect of supply of LT panels, and supervision of erection in relation to a 2X200 MW plant, Tishreen Power Plant, in Syria. The amount of debt under the petition is Rs 1,00,19,145. When the matter was listed before the bench on April 6, the advocate appearing for BHEL sought time to file its reply, and the matter has been posted for hearing on May 9. Late last month, Air India also faced a similar situation when a former pilot, Captain Subodh Kumar, who served Air India for 28 years, filed an insolvency application at the NCLT for unpaid salaries and allowances. In the petition, Kumar sought the settlement of his claims of Rs 67.84 lakh from the airline, alleging there were discrepancies in the payment of his salary and allowances between 2012 and 2016. Seeking 0insolvency proceedings against the airline, Kumar alleged that the airline had deducted substantial salary, allowances and benefits payable to him. ref: http://www.mydigitalfc.com/companies-and-markets/creditor-drags-bhel-nclt-recover-over-rs-1-crore-due

BHEL bags Rs 4400 cr contract from Uttar Pradesh -

Bharat Heavy Electricals Ltd has bagged Rs 4,400 crore order from Uttar Pradesh for setting up 660-mw supercritical thermal power plant. The order has been placed on BHEL by Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd (UPRVUNL), an official statement said. Located at Panki in Kanpur district of Uttar Pradesh, the project will be executed by BHEL on engineering, procurement, construction (EPC) basis, it added. more at: https://economictimes.indiatimes.com/industry/indl-goods/svs/engineering/bhel-bags-rs-4400-cr-contract-from-uttar-pradesh/articleshow/63578048.cms