Bharat Heavy Electricals Limited has informed the Exchange regarding outcome of Board meeting held on September 25, 2025.
BHEL · price
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On the reaction day the stock moved 0.7 pts more than Nifty Midcap 150 and 0.6 pts more than its Heavy Electrical Equipment peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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BHEL's Board of Directors, at its meeting held on September 25, 2025, noted that DIPAM (Department of Investment and Public Asset Management, under the Ministry of Finance) has not agreed to the proposal for forming a Joint Venture between BHEL and REC Power Development and Consultancy Limited (a REC subsidiary). This is an update to a clarification BHEL had issued on May 10, 2025, regarding the same JV proposal. With DIPAM's disapproval, the proposed JV stands effectively shelved as DIPAM is the key government authority that approves strategic decisions and equity partnerships for central public sector enterprises like BHEL.
This is a negative development for BHEL as the proposed JV would have likely created new business opportunities and synergies in the power development and consultancy space. The rejection removes a potential growth avenue, and the stock may see mild negative sentiment, though BHEL continues to operate its core heavy engineering and power equipment business as usual.