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What is the story about?
The Narendra Modi government is likely to sell up to 5% stake in Bharat Heavy Electricals Ltd (BHEL) through the Offer for Sale (OFS) route. The OFS floor price is expected to be in the range of ₹255-260 per share.
The Department of Investment and Public Asset Management (DIPAM) is said to be collecting feedback from bankers today regarding the sale. The government may garner around ₹4,500 crore from the BHEL OFS.
Earlier today, BHEL received a letter of acceptance (LoA) from Bharat Coal Gasification and Chemicals Limited (BCGCL) for a project valued at approximately ₹2,800 crore, excluding customs duty and goods and services tax.
BCGCL is a joint venture between Coal India Limited, which holds a 51% stake, and BHEL, which owns the remaining 49%. The order pertains to the Syngas Purification Plant under the LSTK-2 package for BCGCL’s coal-to-2,000-tonnes-per-day ammonium nitrate project at Lakhanpur in Odisha’s Jharsuguda district.
Under the contract, BHEL will undertake design, engineering, supply of equipment, civil works, erection, commissioning, and operations and maintenance services.
The project is scheduled to achieve preliminary acceptance, including commissioning and performance guarantee tests, within 42 months from the date of the LoA. Operations and maintenance services will extend for a further 60 months following preliminary acceptance.
Shares of Bharat Heavy Electricals Ltd ended at ₹276.05, up by ₹1.45, or 0.53%, on the BSE.
The Department of Investment and Public Asset Management (DIPAM) is said to be collecting feedback from bankers today regarding the sale. The government may garner around ₹4,500 crore from the BHEL OFS.
Earlier today, BHEL received a letter of acceptance (LoA) from Bharat Coal Gasification and Chemicals Limited (BCGCL) for a project valued at approximately ₹2,800 crore, excluding customs duty and goods and services tax.
BCGCL is a joint venture between Coal India Limited, which holds a 51% stake, and BHEL, which owns the remaining 49%. The order pertains to the Syngas Purification Plant under the LSTK-2 package for BCGCL’s coal-to-2,000-tonnes-per-day ammonium nitrate project at Lakhanpur in Odisha’s Jharsuguda district.
Under the contract, BHEL will undertake design, engineering, supply of equipment, civil works, erection, commissioning, and operations and maintenance services.
The project is scheduled to achieve preliminary acceptance, including commissioning and performance guarantee tests, within 42 months from the date of the LoA. Operations and maintenance services will extend for a further 60 months following preliminary acceptance.
Shares of Bharat Heavy Electricals Ltd ended at ₹276.05, up by ₹1.45, or 0.53%, on the BSE.
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