BHEL confirms DIPAM did not approve proposed JV with REC Power Development

State-owned Bharat Heavy Electricals Limited (BHEL) on Thursday (September 25) said its board of directors has taken note of the Department of Investment and Public Asset Management’s (DIPAM) decision not to approve the proposed joint venture with REC Power Development and Consultancy Limited.

In a filing, BHEL stated that the matter was discussed in its board meeting held on September 25, 2025. The company added that the update follows its earlier clarification dated May 10, 2025.

In March 2024, REC Power Development and Consultancy Ltd (RECPDCL), a wholly owned subsidiary of REC Ltd, signed an MoU with Bharat Heavy Electrical Ltd (BHEL) for joint development of utility-scale renewable energy projects across the country.

The MoU aims to contribute to the clean energy targets of the nation through a dedicated special purpose vehicle (SPV).
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In September, Bharat Heavy Electricals said it had secured an order worth ₹22.87 crore, including GST, from Indian Railways’ South Western Railway division.

The Letter of Intent was issued on September 11, 2025, for the design, development, supply, installation, trial, and commissioning of On-board KAVACH equipment in locomotives and trackside KAVACH systems at stations, level crossings, interlocking cabins, and automatic block signalling locations.

Shares of Bharat Heavy Electricals Ltd ended at ₹234.60, down by ₹1.45, or 0.61%, on the BSE.

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