Bharat Heavy Electricals Limited has signed a Strategic Collaboration Agreement with Hystar AS, a Norwegian company, for Proton Exchange Membrane (PEM) electrolyser systems. The agreement, disclosed in a filing with stock exchanges on August 13, 2026, is designed to advance the company's green hydrogen initiatives by enabling phased indigenization and local manufacturing of these systems in India.

Agreement highlights

The key details of the strategic agreement are as follows:

PEM electrolysers are a critical technology in the production of green hydrogen, using electricity to split water into hydrogen and oxygen through a proton exchange membrane. This collaboration positions Bharat Heavy Electricals to access advanced electrolyser technology from Hystar AS, a specialist in this domain.

Strategic significance

The agreement underscores Bharat Heavy Electricals' focus on clean energy solutions, with green hydrogen emerging as a key area of interest in India's energy transition. By partnering with Hystar AS, Bharat Heavy Electricals aims to strengthen its capabilities in the green hydrogen value chain through the deployment of PEM electrolyser systems.

Notably, this deal complements a separate strategic tie-up Bharat Heavy Electricals entered into with thyssenkrupp nucera India Private Limited in July 2026 for alkaline electrolyser systems. This dual approach strengthens the company's position as one of the few Indian players capable of offering both alkaline and PEM electrolyser solutions to serve the country's emerging green hydrogen market.

The collaboration is expected to enhance Bharat Heavy Electricals' project execution capabilities for green hydrogen projects in India. It also aims to contribute to the National Green Hydrogen Mission and support the Government of India's Make in India initiative.

Bharat Heavy Electricals Limited shareholders approved the appointment of Nigar Fatima Husain as a director at its 62nd Annual General Meeting (AGM) held on August 5, 2026. The resolution, classified as special business, secured 84.20% support from voting shareholders, marking a significant governance update for the government-owned engineering major. Alongside this appointment, shareholders endorsed the adoption of financial statements for the year ended March 31, 2026, and approved the declaration of dividends for FY2025-26.

The meeting was conducted via Video Conferencing/Other Audio-Visual Means (VC/OAVM) with Shri K. Sadashiv Murthy, Chairman of the Board, presiding over the proceedings. Pursuant to Section 108 of the Companies Act, 2013, and Regulation 44 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, the company enabled remote e-voting through National Securities Depository Limited (NSDL) from August 2, 2026, to August 4, 2026. Electronic voting was also available during the AGM for those who had not cast remote votes. Deepak Kumar of M/s Akhil Rohatgi & Co., appointed as the scrutinizer, confirmed that all seven resolutions were passed with the requisite majority.

The promoter group, holding 2,025,440,587 shares, voted unanimously in favor of all resolutions. Public institutional investors showed strong support for routine matters but exhibited more divided opinions on the new director appointment. Below is a summary of the consolidated voting results for key resolutions:

All seven resolutions were declared as ordinary resolutions and passed successfully. The Chairman noted that there were no qualifications from statutory auditors regarding the audited accounts for the year ended March 31, 2026, and no comments from the Comptroller and Auditor General (C&AG). The Company Secretary also apprised members of observations in the Secretarial Audit Report along with management replies.

Governance and Compliance

The cut-off date for determining shareholder eligibility was July 29, 2026, with a total of 16,67,062 shareholders on record. While no shareholders attended in person or via proxy, 189 members participated through VC/OAVM, including the President of India represented by Shri Vijay Mittal, Joint Secretary, Ministry of Heavy Industries. The electronic voting system was locked by NSDL immediately after the conclusion of the AGM, and votes were unblocked in the presence of two independent witnesses to ensure transparency.

What the Numbers Show

The voting patterns reveal distinct preferences between institutional and non-institutional public shareholders. While the promoter group maintained unanimous support across all items, public institutional investors showed higher dissent on the re-appointment of directors Rajesh Kumar Dwivedi (30.45% against) and Serugulathur Mahadevan Ramanathan (24.16% against). In contrast, non-institutional public shareholders demonstrated near-unanimous support for these re-appointments, with less than 2% opposition. The appointment of Nigar Fatima Husain saw significant institutional dissent (47.63% against), though it still passed comfortably due to overwhelming promoter support and strong backing from retail investors (98.01% in favor).

The high approval rate for auditor remuneration (99.74%) and cost auditor ratification (97.53%) indicates broad consensus on financial oversight structures. The dividend declaration received robust support (97.53%), reflecting shareholder confidence in the company’s capital distribution policy for FY2025-26.