Bharat Heavy Electricals Ltd (BHEL) has approved a further equity investment of Rs 65 crore in NTPC BHEL Power Projects Private Limited, its 50:50 joint venture with NTPC Ltd, even as the venture’s provisional turnover fell to Rs 1.04 crore in 2025-26 from Rs 3.48 crore a year earlier.
BHEL disclosed the decision in an exchange filing after its board meeting on September 14, 2026. The investment will be made in one or more tranches as BHEL’s equity contribution to NTPC BHEL Power Projects, or NBPPL.
The equity contribution will be made at face value by both promoter companies and on an arm’s-length basis, BHEL said. The company added that its 50 per cent shareholding in the joint venture would be maintained after the investment.
NBPPL was incorporated in April 2008 by BHEL and NTPC. Its stated objectives include executing engineering, procurement and construction contracts for power plants and other infrastructure projects, as well as manufacturing and supplying equipment in India and overseas markets.
The additional investment comes against a sharp decline in the joint venture’s reported turnover. NBPPL recorded turnover of Rs 1.04 crore on a provisional basis in 2025-26, compared with Rs 3.48 crore in 2024-25 and Rs 18.19 crore in 2023-24. The filing did not provide further details on the reasons for the decline or identify specific projects linked to the fresh capital contribution.
BHEL said the board’s approval covered further investment in the joint venture and that the contribution would be made in one or more tranches. The company did not disclose a project-wise deployment schedule, expected completion dates or any change in the joint venture’s ownership structure.
The decision keeps BHEL and NTPC’s equal partnership in place as NBPPL continues to operate in power-plant EPC work and equipment manufacturing. The joint venture’s future activity will depend on the contracts and projects it executes under these stated objectives. BHEL’s exchange filing did not announce a new order, project award or implementation timeline alongside the investment approval.
