BHEL approves ₹65 crore further investment in NTPC joint venture NBPPL

Bharat Heavy Electricals Ltd (BHEL) on Monday, September 14, said its board has approved a further investment of ₹65 crore, in one or more tranches, as its equity contribution to NTPC BHEL Power Projects Private Limited (NBPPL), its joint venture with NTPC Ltd.

“Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is informed that the Board of Directors in its meeting held today (i.e., 14th September 2026) has, inter alia, approved further investment of Rs. 65 Crore (in one or more tranches) as BHEL’s equity contribution in NTPC BHEL Power Projects Private Limited (NBPPL), BHEL’s joint venture with NTPC Limited. Details as per SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, are enclosed herewith as Annexure-A,” BHEL said in an exchange filing.

Investment to help NBPPL settle urgent liabilities

NBPPL is a joint venture company of BHEL and NTPC Limited, with both companies holding a 50:50 equity shareholding. BHEL said the equity investment will be made at face value by both promoter companies, and the transaction will be carried out at arm’s length.

According to the company's disclosure, the investment is primarily intended to enable the settlement of urgent liabilities and to maintain NBPPL as a going concern. The investment is proposed to be completed during FY2026-27 and will be made through cash consideration.

NBPPL was incorporated in April 2008 to execute engineering, procurement, and construction (EPC) contracts for power plants and manufacture power plant equipment. The joint venture reported a provisional turnover of ₹1.04 crore in 2025-26, compared with ₹3.48 crore in 2024-25 and ₹18.19 crore in 2023-24. The company has operations in India.

BHEL's shareholding in NBPPL will remain at 50% following the investment. The company said no government or regulatory approvals are required for the acquisition.

Shares gain another 50% in 2026

The company’s shares have maintained strong winning momentum in recent months, with the stock breaking multiple record highs as it remains on track to extend its annual winning run to a sixth consecutive year. In July, the stock rose to a fresh record high of ₹446, and in 2026, it has already gained 50%.

It has delivered positive returns in each of the last five years, with 2023 emerging as its strongest year, when the stock surged 144%. From its 2020 low of ₹18.40 apiece, the shares have skyrocketed 2,243% to trade at the current level of ₹431 apiece.

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