Bharat Heavy Electricals Limited (BHEL) has announced a significant development in its High Voltage Direct Current (HVDC) link project, originally contracted with Rajasthan Part I Power Transmission Limited (RPPTL). The project, aimed at transmitting renewable energy between Rajasthan and Uttar Pradesh, has undergone a contractual change through a novation agreement.

Key Details of the Novation

• Date of Agreement: November 14, 2025
• Parties Involved:
  • BHEL and Hitachi Energy India Limited (Consortium)
  • Rajasthan Part I Power Transmission Limited (RPPTL)
  • AESL Projects Limited (APL)

Project Specifics

Implications of the Novation

1. Transfer of Obligations: RPPTL's obligations under the original contracts have been transferred to APL, a wholly-owned subsidiary of Adani Energy Solutions Limited (AESL).

2. Continuity of Terms: The consortium confirms that all other terms and conditions of the project remain unchanged, including:

   • Scope of work
   • Project schedule
   • Commercial terms

3. Legal Transition: APL has legally assumed all past, ongoing, and future rights, liabilities, obligations, and duties pertaining to the project that were originally held by RPPTL.

Corporate Governance

BHEL's disclosure of this development aligns with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has promptly informed the stock exchanges, demonstrating its commitment to transparency and regulatory compliance.

Conclusion

This novation agreement marks a significant shift in the project's execution structure while maintaining the core aspects of the original contract. It reflects the dynamic nature of large-scale infrastructure projects and the importance of adaptability in corporate partnerships. Stakeholders and investors in BHEL should note that while the counterparty has changed, the fundamental parameters of the project remain intact, potentially ensuring continuity in the project's progress and expected outcomes.

Bharat Heavy Electricals Limited (BHEL) has clinched a significant contract from NTPC Limited for the 1x800MW Darlipali Supercritical Thermal Power Project Stage-II. The Engineering, Procurement, and Construction (EPC) package, valued at over Rs 6,650.00 crore (excluding GST), marks a substantial development in India's power sector.

Contract Details

Scope of Work

The comprehensive EPC package encompasses:

• Design and engineering
• Equipment supply
• Erection and commissioning
• Civil works

This all-encompassing approach underscores BHEL's capabilities in handling large-scale power projects.

Strategic Implications

The contract win reinforces BHEL's position in India's power sector. As both BHEL and NTPC are Central Public Sector Enterprises, this collaboration highlights the synergy within India's public sector units in driving critical infrastructure projects.

Project Timeline

BHEL received the Notification of Award on November 6, 2025, setting the clock for the 48-month completion deadline. This timeline emphasizes the urgency and importance of the project in meeting India's growing energy demands.

Market Impact

This substantial contract is likely to bolster BHEL's order book and potentially impact its long-term financial outlook. Investors and market analysts will be keenly watching the execution of this project, given its scale and strategic importance.

The Darlipali project represents a continuation of India's commitment to expanding its power generation capacity using advanced supercritical technology. As the project unfolds, it will be crucial to monitor its progress and its impact on both BHEL's performance and India's energy landscape.