Bharat Heavy Electricals Limited (BHEL), a leading Indian public sector engineering and manufacturing company, faced a setback as the Department of Investment and Public Asset Management (DIPAM) declined to approve its proposed joint venture with REC Power Development and Consultancy Limited.

Board Meeting Details

The Board of Directors of BHEL convened on September 25, from 4:00 PM to 5:30 PM, to discuss the status of the proposed joint venture. During this meeting, the board noted that DIPAM had not agreed to the proposal for forming a joint venture between BHEL and REC Power Development and Consultancy Limited.

Background

This development follows a previous clarification issued by BHEL on May 10, regarding the same matter. The company had been exploring the possibility of a strategic partnership to potentially enhance its capabilities and market presence in the power sector.

Regulatory Compliance

In compliance with Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, BHEL promptly disclosed this information to the stock exchanges. Dr. Yogesh R Chhabra, Company Secretary of BHEL, signed the official communication addressed to both the BSE Limited and the National Stock Exchange of India Ltd.

Other Corporate Updates

While the joint venture news took center stage, BHEL also announced other corporate developments:

Trading Window Closure

BHEL informed that the trading window for dealing in company securities will remain closed for designated persons and their immediate relatives from October 1. This closure will extend until 48 hours after the financial results for the quarter ending September 30 are filed with the stock exchanges.

Changes in Senior Management

The company appointed two new officials to its senior management:

• Shri V Shrinivas Rao as General Manager & Head (HBG), PS-BG II, Noida
• Shri Ajay Kumar as General Manager & Head (PEM & CPC), Noida

Additionally, two senior executives superannuated from the company's services on September 24:

• Shri Pankaj Rastogi, Executive Director (HBG), PS-BG II, Noida
• Shri Praveen Kishore, Executive Director (CPC), PS-HQ, Noida and PS-PEM- Addl. Charge

These corporate updates highlight the ongoing changes and challenges faced by BHEL as it navigates the dynamic landscape of the Indian power and engineering sector.

Bharat Heavy Electricals Limited (BHEL), a leading power equipment manufacturer, has announced significant changes in its senior management team. The company has appointed two new General Managers following the retirement of two Executive Directors, effective September 25, 2025.

New Appointments

BHEL has appointed two new General Managers:

V Shrinivas Rao

• Position: General Manager & Head of HBG (Heavy Build Group), PS-BG II (Power Sector - Business Group II), Noida
• Experience: 33 years
• Qualifications:
  • BE in Mechanical Engineering
  • M.Tech in Mechanical Engineering
  • PGDM in Financial Management
• Joined BHEL: October 12, 1992

Ajay Kumar

• Position: General Manager & Head of PEM (Project Engineering Management) & CPC (Central Project Control), Noida
• Experience: 35 years
• Qualification: BE in Electrical & Electronics Engineering
• Joined BHEL: August 9, 1990

Both Rao and Kumar will report directly to the Director (Power) in their new roles.

Retirements

These appointments follow the superannuation of two Executive Directors on September 24, 2025:

1. Pankaj Rastogi - Executive Director (HBG), PS-BG II, Noida
2. Praveen Kishore - Executive Director (CPC), PS-HQ, Noida and PS-PEM (Additional Charge)

Company's Disclosure

BHEL made this announcement in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The company's Manager of Corporate Communication, Sayed Salahuddin, issued the official statement detailing these management changes.

These strategic appointments and smooth transitions in senior management roles demonstrate BHEL's commitment to maintaining strong leadership and continuity in its operations. The extensive experience of the newly appointed General Managers is expected to contribute significantly to BHEL's ongoing projects and future growth in the power sector.