Bharat Heavy Electricals Ltd (BHEL) has successfully secured three significant contracts valued at over ₹11,000 crore from Adani Power Ltd and its subsidiary, Mahan Energen Ltd.
These contracts involve setting up three supercritical thermal power projects, as announced by the company in a filing with the Bombay Stock Exchange (BSE) on August 26.
The thermal power plants, with a capacity of 2x800 megawatts (MW) each, are to be established in Kawai, Rajasthan, and Mahan, Madhya Pradesh.
BHEL, a state-owned engineering and manufacturing company, will be responsible for supplying crucial equipment such as boilers, turbines, and generators.
In addition, the company will oversee the erection and commissioning of these supercritical technology-based thermal power plants.
According to the agreement signed on August 25, the timelines for completing the projects vary.
The Kawai Phase-II project is expected to be completed within 49 months, while the Kawai Phase-III project will take 52 months.
The Mahan Phase-III project has a completion timeline of 55 months.
The financial markets responded to the news on Monday. As of 2:40 pm, shares of BHEL saw a slight increase of 0.59%, trading at ₹297.90, compared to ₹296.15 at the previous market close.
The company had announced the deal on the BSE website earlier that morning. In contrast, shares of Adani Power Ltd experienced a decline, falling by 2.06% to ₹661.95 by 3:05 pm, down from ₹675.85 at Friday's close.
In a separate announcement on Sunday, BHEL revealed that its Executive Director in charge of Corporate Research and Development (R&D), K Ravishankar, retired on August 24 after years of service in Hyderabad.
BHEL's role in the Indian market extends beyond thermal power plants, as the company is also involved in sectors such as industrial systems and products, transportation, e-mobility and battery energy storage, renewable energy, oil and gas, water, defence, and aerospace, according to its official website.
