New Delhi, March 19 Engineering giant Bharat Heavy Electricals Limited (BHEL) said on Thursday it will invest up to Rs 3,064.46 crore as equity into Bharat Coal Gasification and Chemicals Ltd. (BCGCL), according to an exchange filing.
BHEL's contribution will be spread over four years, into the Joint Venture Company of BHEL and Coal India with equity shareholding of 49 per cent and 51 per cent respectively.
The JV’s initial objective is to undertake chemicals business through setting up a coal‑to‑ammonium nitrate plant with a capacity of 2,000 tonnes per day.
The filing also said BHEL’s board approved the formation of a separate joint venture with Titagarh Rail Systems Limited for comprehensive maintenance of supplied Vande Bharat Sleeper trains.
"After clearance of DIPAM, the JV agreement will be finalized with modifications, if any," the statement said.
Shares of BHEL fell after the announcements, trading about 2.75 percent lower at Rs 253 on the National Stock Exchange and settling over 4.60 per cent down for the week. The stock has declined 13.19 per cent year‑to‑date but is up 23 per cent over the past 12 months.
The government in February has launched an Offer for Sale (OFS) to divest up to a 5 per cent stake in BHEL.
The government will sell an initial 3 per cent stake, with an option to offload an additional 2 per cent stake to accommodate any oversubscription of bids. The floor price for the OFS has been fixed at Rs 254 per share.
BHEL reported a roughly three-fold jump in standalone net profit to Rs 382.49 crore in third quarter (October-December) of 2025-26 compared with the corresponding figure of Rs 124.77 crore in the same quarter of the previous financial year.
BHEL’s revenue from operations increased 16.4 per cent year-on-year to Rs 8,473.10 crore, supported by steady execution in the power and industrial segments. The company also maintained sequential momentum over Q2 FY26, reflecting improving operating leverage.
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