BHEL and RECPDCL Join Forces for Renewable Energy Venture

BHEL's proposal to launch a joint venture with RECPDCL is pending approval from the Department of Investment and Public Asset Management. The partnership aims to develop renewable energy projects nationwide, contributing to India's clean energy goals. After necessary approvals, the joint venture will proceed with formal agreements.

Bharat Heavy Electricals Ltd (BHEL) has announced that the proposal to establish a joint venture with REC Power Development and Consultancy Ltd (RECPDCL) is currently awaiting approval from the Department of Investment and Public Asset Management (DIPAM).

The memorandum of understanding (MoU) signed in March 2024 between BHEL and the wholly owned subsidiary of REC Ltd aims at developing utility-scale renewable energy projects across India. This strategic joint venture is intended to boost the country's clean energy targets through a special purpose vehicle (SPV).

Upon receiving DIPAM's approval, BHEL will re-submit the proposal to its board for final incorporation, investment decisions, and due diligence. The joint venture agreement will be formalized once all approvals are secured, complying with the SEBI regulations.

(With inputs from agencies.)