BHEL extends cooperation with General Electric for Gas Turbines

Bharat Heavy Electricals Limited (BHEL) and General Electric Technology GmbH Switzerland have entered into a Technical Assistance and License Agreement for Gas Turbines. The agreement was signed by Jai Prakash Srivastava, Director (Engineering, Research & Development) & Director (Finance – Addl. Charge), BHEL and Theodoros Stamatiadis, Executive Counsel (IP), GE Power, in the presence of Dr Nalin Shinghal, Chairman & Managing Director BHEL, Deepesh Nanda, CEO, GE Gas Power South Asia and President & CEO, GE Aero-derivative Business, Gas Power Asia, Renuka Gera, Director (Industrial Systems & Products), BHEL, and other senior officials of GE and BHEL. The ceremony was also attended by representatives of the US-India Business Council. 

Since 1986, BHEL has been manufacturing and supplying GE-design Gas Turbines to various customers in India and abroad. The new agreement grants BHEL enhanced rights for existing/uprated and new Gas Turbine models. BHEL, in partnership with GE, holds the leading position in the Indian market for Gas Turbines. To date, BHEL has delivered approximately 230 GE-design Gas Turbines to oil refineries, process industries, utilities in India, and overseas customers. 

Additionally, BHEL GE Gas Turbine Services (BGGTS), a joint venture between BHEL and GE, has been providing aftermarket support for engineering, repair, and maintenance services to various customers for the past 25 years. 

India’s emphasis on achieving net zero emissions and integrating green hydrogen into the energy mix necessitates advanced power technologies. As per the agreement, BHEL will have the capability to supply Gas Turbines using fuel blends such as Hydrogen, Methanol, Syngas, etc., and in hybrid configurations to contribute to India’s energy transition. Aero-derivative Gas Turbines will assist in grid balancing and support the nation’s ambitious renewable energy goals. 

The agreement will also promote India’s ‘Aatmanirbhar Bharat’ (self-reliant India) and ‘Make in India’ initiatives as BHEL will domestically manufacture cutting-edge Gas Turbines and their components at its Hyderabad facility. 

Shares of BHEL witnessed a significant surge on Thursday, with a rise of 0.80% from its previous closing price of Rs 92.96 per share to Rs 93.70 per share. The stock also reached a new 52-week high at Rs 93.70 per share. In terms of financials, BHEL currently boasts a market capitalization exceeding Rs 32,500 crore. 

The company delivered impressive numbers in both its quarterly and annual results. The majority of ownership of the company, amounting to 63.17%, lies with the President of India, while the remaining shares are distributed among FIIs, DIIs, and the general public. 

Remarkably, the stock generated exceptional returns of 106% within just one year, outperforming the BSE Sensex Index, which experienced a growth of 21.70%.