New Delhi, March 19: Bharat Heavy Electricals Limited (BHEL) on Thursday announced plans to invest up to ₹3,064.46 crore in equity in Bharat Coal Gasification and Chemicals Limited (BCGCL), a joint venture with Coal India Limited, as part of its diversification into the chemicals segment.
The investment will be made over four years, with BHEL holding a 49 per cent stake and Coal India 51 per cent in the JV. The venture aims to establish a coal-to-ammonium nitrate plant with a capacity of 2,000 tonnes per day, marking a strategic push into value-added coal utilisation.
Separately, BHEL’s board has approved the formation of another joint venture with Titagarh Rail Systems Limited for the comprehensive maintenance of Vande Bharat Sleeper trains, subject to necessary approvals from Department of Investment and Public Asset Management (DIPAM).
Following the announcements, BHEL shares declined, trading about 2.75 per cent lower at ₹253 on the National Stock Exchange of India and ending over 4.6 per cent lower for the week. The stock is down 13.19 per cent year-to-date but has gained 23 per cent over the past 12 months.
The developments come amid the government’s ongoing divestment plan, which includes an Offer for Sale (OFS) of up to 5 per cent stake in BHEL, with a floor price of ₹254 per share.
On the financial front, BHEL reported a nearly three-fold rise in standalone net profit to ₹382.49 crore in Q3 FY26, driven by strong execution in power and industrial segments. Revenue from operations grew 16.4 per cent year-on-year to ₹8,473.10 crore, reflecting improved operational momentum.
