BHEL To Infuse ₹3,064.46 Crore Investment In Bharat Coal, Announces Strategic Joint Venture With Titagarh Rail Systems

Mumbai: On March 19, 2026, the Board of Directors of Bharat Heavy Electricals Limited (BHEL) held a meeting that resulted in several high-value strategic approvals aimed at expanding the company’s joint venture portfolio and streamlining its internal organizational structure. The meeting, which commenced at 1:11 PM and concluded at 2:40 PM, was chaired by the Company Secretary, Dr. Yogesh R Chhabra.

One of the primary outcomes was the approval of a Joint Venture (JV) Agreement with M/s Titagarh Rail Systems Limited. This new entity is being formed to handle the comprehensive maintenance of Vande Bharat Sleeper Trains. BHEL is currently seeking clearance from the Department of Investment and Public Asset Management (DIPAM) to move forward with the formation. Once this clearance is secured, the final agreement will be executed, and further regulatory details will be disclosed in accordance with SEBI regulations.

In another significant financial move, the Board approved an equity investment of 3,064.46 crore in Bharat Coal Gasification and Chemicals Limited (BCGCL). BCGCL is a joint venture between BHEL and Coal India Limited, with BHEL holding a 49 percent stake and Coal India holding 51 percent. This investment will be spread over a four-year period and will be made in cash at face value. BCGCL was incorporated on May 21, 2024, with the specific objective of entering the coal-to-chemicals business, starting with a 2,000 TPD Ammonium Nitrate plant. Because BCGCL is already a joint venture of the promoter companies, the equity investment is classified as a related party transaction conducted at arm's length.

The Board also focused on internal restructuring by approving the merger of several prominent manufacturing units. In Haridwar, the Heavy Electrical Equipment Plant (HEEP) and the Central Foundry Forge Plant (CFFP) will be merged into a single entity under the HEEP name. Similarly, in Hyderabad, the Heavy Power Equipment Plant (HPEP) will merge with the Project Engineering & Systems Division (PE&SD), retaining the name Heavy Power Equipment Plant (HPEP). Both of these structural changes are scheduled to take effect on April 1, 2026. These decisions reflect BHEL's commitment to consolidating its resources while pursuing large-scale industrial projects in the rail and chemical sectors.

Disclaimer: This article is based exactly on the information provided in the BHEL corporate disclosure document dated March 19, 2026.