Bhel –Neutral- Angel Securities

Bharat Heavy Electricals Limited (Bhel) has received an order from Raichur Power Corporation Limited (RPCL) for setting up a 1,600MW (2x800MW) supercritical thermal power project in Karnataka.

Valued at Rs6,300 crore, the highest-ever order for Bhel, envisages design, engineering, manufacture, supply, erection and commissioning of two coal-fired thermal units of 800MW each, with supercritical parameters at Yeramarus in Raichur district of Karnataka. RPCL is a joint venture company of the Karnataka Power Corporation Limited (KPCL) and Bhel, which has been setup to build, own and operate thermal power plants with supercritical parameters in Karnataka.

Significantly, this is the first order for a power project bagged by Bhel through the JV route. We maintain our NEUTRAL view on the stock.

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