Bharat Heavy Electricals Limited board approved a ₹65 crore equity investment in its joint venture, NTPC BHEL Power Projects Private Limited (NBPPL), on September 14, 2026. The cash infusion aims to settle urgent liabilities and ensure the entity remains a going concern.

The Board of Directors sanctioned the move during its meeting held on September 14, 2026, from 4:37 pm to 6:22 pm. The investment will be made at face value by both promoter companies, BHEL and NTPC Limited, which hold a 50:50 equity stake in the venture. The transaction is classified as a related-party transaction conducted at arm's length.

Investment Details

The equity contribution will be deployed in one or more tranches during FY27. No governmental or regulatory approvals are required for this acquisition. The target entity, NBPPL, operates in the capital goods sector, primarily executing engineering, procurement, and construction (EPC) contracts for power plants and manufacturing power plant equipment.

What the Numbers Show

NBPPL’s turnover has contracted sharply over the past three years, falling from ₹18.19 crore in FY24 to ₹3.48 crore in FY25 and further down to a provisional ₹1.04 crore for FY26. This steep decline in revenue underscores the operational challenges facing the joint venture, necessitating the fresh equity injection to manage liabilities despite minimal current earnings.

Incorporated in April 2008, NBPPL has seen its business volume dwindle significantly. The decision to maintain the 50:50 ownership structure while injecting fresh capital suggests both promoters are committed to keeping the platform viable for future power sector projects, despite the recent revenue contraction.

Bharat Heavy Electricals Limited has appointed its statutory and branch auditors for the financial year 2026-27. The Comptroller & Auditor General of India issued the appointment order on September 8, 2026, pursuant to Section 139 of the Companies Act, 2013.

The firm appointed K Venkatachalam Aiyer & Co and K S Dua & Co as joint statutory auditors. The company also designated five firms as branch auditors for various operational units across India.

Auditor Appointments

The CAG notification outlines the specific audit responsibilities for each firm. The joint statutory auditors will handle the consolidation of accounts and specific corporate offices.

Branch Auditors

Five firms have been appointed to audit specific branch units. This includes a newly appointed auditor for the Ranipet unit.

• Sanjay Srivastava & Co: Bhopal (Heavy Electricals Plant Bhopal, Power Sector Western Region Nagpur)
• Ganesan and Company: Chennai (HP Boiler Plant Trichy)
• Y C R J & Associates: Bengaluru (Electronics Division, Electric & Photovoltaic Division)
• Sarath & Associates: Hyderabad (Heavy Power Equipment Plant Hyderabad, Corporate R&D Hyderabad)
• S Venkatram & Co LLP: Chennai (Boiler Auxiliary Plant Ranipet, Power Sector Southern Region)

S Venkatram & Co LLP is newly appointed for FY26-27. The supplementary test audit remains with the Director General of Audit, Power.

What the Numbers Show

The appointment structure indicates a continued reliance on multiple specialized audit firms to cover BHEL's geographically dispersed operations. The inclusion of a new branch auditor in Chennai suggests an expansion or restructuring of audit coverage for the southern region plants.