Bharat Heavy Electricals Ltd

BSE: 500103 | NSE: BHEL | ISIN: INE257A01026 
Market Cap: [Rs.Cr.] 69,316.03 | Face Value: [Rs.] 2
Industry: Electric Equipment

Management Discussions
MANAGEMENT DISCUSSION AND ANALYSIS

1.1 Economic & Business Overview

The Capital Goods industry being the "mother" of all manufacturing industryis extremely crucial for the development of the country’s economy. The capital goods(CG) sector is highly diverse with a large variety of industrial equipment, products, andservices, including those used for agriculture, construction, and transportation, as wellas production of energy and power generation, building and plant infrastructure, andgeneral manufacturing. It is also considered as a strategic sector and development ofdomestic capabilities is paramount from a national self-reliance and security perspective.Indian capital goods industry contributes 12% to the total manufacturing activity (whichis about 15% of the GDP) in the country. Demand for capital goods is sensitive tofluctuations of business confidence and correlates with economic swings. The globalcapital goods industry which is export-driven was severely affected by recession post2008. Economy of India that is now largely integrated with the world has been affected byglobal and domestic factors. With almost all major customers of the capital goods sector,such as power, oil and gas, metals and cement operating at subdued capacities, the CGindustry is experiencing manufacturing capacity underutilisation, pricing pressure anddwindling order book in recent years.

On the current reckoning, global growth is likely to be in the vicinity of 3 per centin 2014, about a percentagepointhigherthanin2013asperestimates of RBI. Key industryindicators, such as industrial production and non-residential construction, point to amodest uptick in growth for global capital goods companies during 2014. However, downsiderisks to growth trajectory arise from ongoing tapering of quantitative easing in the US,continuing deflation concerns and weak balance sheets in the euro area and, inflationarypressures in the emerging market and developing economies. With weakening growth andfinancial fragilities in China due to rapid credit in recent years, global trade andgrowth are on the precipice of a large risk.

The outlook for the Indian economy has improved with expected political stability,cautiously positive business sentiments, improved consumer confidence, expectations of amodest recovery in growth and decline in inflation expectations.

The real GDP behaviour over the past three decades reinforces the cyclical behaviour ofeconomic growth in India and this gives reasonable confidence for economic recoveryin near-term.

In the long run, underlying trends such as urbanisation, changing demography, energysecurity, climate change and inclusive development in India and the global movement towardenergy-efficient products and processes should help fuel demand for capital goods inIndia.

1.2 Profile and Performance of Business Segments

1.2.1 Power Sector

Opportunities

Demand for electricity is driven primarily by economic growth and rising population.Today, economy of India is the tenth-largest in the world in nominal terms and thethird-largest by purchasing power parity. It is the world's second fastest-growing majoreconomy just after China, with growth rates averaging 7.5% over the past 10 years and hasthe potential to become the world's third largest economy (nominal basis) by 2020. In thenext two decades, current size of economy of USD five trillion (PPP) is expected to growfour to five times as per various studies and estimates. India is also the second mostpopulous country in the world, with over 1.21 billion people, more than a sixth of theworld's population. India is projected to be the world's most populous country by 2025,surpassing China, with population expected to reach 1.6 billion by 2050. Further, HumanDevelopment Index (HDI) is directly correlated to the per capita electricity consumption.At low levels of development, in which India lies at present, even a small increase inelectricity use is associated with large increases in HDI. This reinforces the importanceof Power for Indian economy as well Human Development in the country.

In order to meet the growing need of electricity demand for consumers as well as forIndustries, Government of India has taken various initiatives to augment capacity additionin the country. India’s installed capacity base has swelled from a mere 1.3 GW in1947 to over 243 GW in March 2014 and currently has the fifth largest Power System in theworld. Electricity generation is mainly comprised of Thermal (Coal, lignite, natural gas,oil), Hydro, Renewable (wind, solar etc.) and Nuclear source. The persistent shortages ofelectricity, both for peak power and for energy indicate the need for improving theperformance of the power sector in the country. Reforms for a more efficient andcompetitive power sector have been under way in India for several years. While there hasbeen some progress in this regard, shortage of power and lack of access continue to bemajor constraints on India’s economic growth which is reflected in low per capitaelectricity consumption in India vis--vis other major economies.

During 11th Plan, country added 54,964 MW to the generation capacity, morethan 2.5 times than that of 21,080 MW during 10th Plan. However, Indiacontinues to experience shortages in energy with total deficit of 8.7% and peak deficit of9.0% during 2012-13.

Considering the recent state of power generation status and in order to deliver asustained economic growth rate of 8.0% upto 2035, various agencies such as CEA, IEA,Planning Commission and others, have estimated that India needs to increase its primaryenergy supply between three to four times based on current levels translating into a CAGRof approx 7% in electricity generation. This represents a need for substantialaugmentation of power generation capacity from current levels.

A capacity addition of approximately 88,537 MW has been envisaged for the 12thPlan (2012-17). This comprises an estimated 72,340 MW of thermal power, 10,897 MW of hydropower and 5,300 MW of nuclear power. In addition, a grid interactive renewable capacityaddition of about 30,000 MW has been envisaged. This comprises wind, small hydro, biomassand solar energy. Apart from new capacity additions, huge opportunity exists in Renovation& Modernization (R&M) business as over 22% of India’s coal based power plantsare over 25 years old thus necessitating increasing requirement of regular equipmentmaintenance, lifetime extension and performance upgrades.

Current Business Environment

The power sector is currently at a crucial juncture of its evolution from a dominantlypublic sector environment to a more competitive sector, with many private producers alsoplaying a significant role in various capacities, and greater reliance on markets, subjectto regulation. The policy makers in India have aimed for ensuring energy security for thenation as well as for providing adequate energy of desired quality in various forms in asustainable manner and at competitive prices.

The performance of the power sector shows many positive features, especially related tothe pace of addition to power generation with a specific focus on improving the efficiencyand reliability of the plant as well as promoting eco friendly renewable sources ofenergy. However, in recent times, there are numerous constraints in power sector relatedto fuel supply, financial health of the State distribution companies, land acquisition,and regulatory clearances which have resulted in finalization of fewer new projects andslowdown in execution of some projects. Issues of gas availability has muted the demandfor gas based power plants.

Government of India has recently taken certain steps to propel growth in power sector -such as allocation of coal blocks to PSUs, 'pass through' of variation in coal price,expeditious clearance of projects through intervention of Cabinet Committee onInfrastructure etc. In addition, extension of CEA's advisory to Central/ State Utilitiesfor condition of Phased Manufacturing Programme (PMP) are positive initiatives for BHELand domestic industry. The above initiatives have already helped the ongoing projects andthe benefits to the new projects are expected to be available soon.

Hydro sector is poised to grow at unprecedented levels considering India’s hugepotential of 148 GW of which only 40 GW has been realized till date. The Nuclear businessis primarily driven by government policies, public perceptions and global dynamics. Govt.of India has proposed developing large scale Nuclear Parks, spread across variouslocations, with the participation of leading global nuclear power companies. VariousIndian companies including BHEL have contributed in supplying critical equipment inNuclear Plant.

Offerings

BHEL supplies end-to-end systems, Products and Engineering, Erection &Commissioning services for thermal power plants encompassing steam turbines, generators,boilers and matching auxiliaries up to 1000 MW ratings, including sets of 660/700/800 MWbased on supercritical technology. BHEL has proven capabilities for executing thermalpower projects on Engineering, Procurement & Construction (EPC) basis and is executingnumerous prestigious projects on EPC basis including Supercritical sets of 660/700/800 MWratings. To make use of lignite reserves available in India, BHEL also suppliescirculating fluidized bed combustion (CFBC) boilers for thermal plants. BHEL is one of thefew companies worldwide, involved in the development of Integrated Gasification CombinedCycle (IGCC) technology which would usher in clean coal technology.

The company manufactures 220/235/500/540/ 700 MWe nuclear turbine-generator sets and isgeared up to take higher rating nuclear sets. Custom-made conventional Hydro turbines ofKaplan, Francis and Pelton types with matching generators, pump turbines with matchingmotor generators upto 300 MW are also engineered and manufactured by BHEL. Thecompany has proven expertise in Plant Performance Improvement through renovation,modernisation and uprating of a variety of power plant equipment, besides specializedknow-how of residual life assessment, health diagnostics and life extension of plants.

Achievements during the Year Order Booking

Power Sector secured orders worth Rs 20,433 Crore with market share of 72% againstprevious five years average of 63% despite shrinking market and intense competitionreinforcing the leadership of BHEL in Indian Power Sector. It includes orders for 3 nos.of Turbines & Generators (TG) and 5 nos of Steam Generators (SG) for Super-criticalsets, making cumulative Super-critical technology orders basket to 27 TG and 32 SG thusreinforcing BHEL’s leadership in this segment.

Major Orders booked

Significant utility orders received in the Power sector

THERMAL

Super-critical Ratings Sub-critical Ratings
Against International Against International
Competitive Bidding Competitive Bidding
3X660 MW NTPC/ North Karanpura 2X500 MW NLC/ Neyveli
New TPS (SG Pkg)
(EPC) 2X500 MW NLC/ Neyveli
2X800 MW NTPC/ Darlipalli (SG Pkg) New TPS (TG Pkg)
Through Negotiation Route
2X800 MW NTPC/ Lara (ESP Pkg) (500 MW)
1X500 MW NBPPL/
2X800 MW NTPC/ Gadarwara (ESP Pkg) Unchahar Stg IV (BTG + Electrics)

HYDRO

Against International Competitive Bidding (326 MW)

6x33+1x8 MW PSPCL / Shahpur Khandi HEP (E&M Pkg)

2x60 MW UJVNL / Vyasi HEP (E&M Pkg)

Spares & Service Group booked highest ever orders aggregating to Rs 3,433 Croreregistering a 19% yoy growth which includes Rs 2,538 Crore for Service after sales and Rs895 Crore for Renovation & Maintenance work. BHEL successfully secured the only orderfor R&M for 1x210 MW MSPGCL Koradi TPS finalized in the country during the yearagainst international competitive bidding (ICB). For the first time, BHEL has offeredin-house technology for up-rating of 210 MW LMZ set to 228 MW. Orders received against ICBtender for ESP Retrofit for NTPC Singrauli STPS & Unchahar STPS totaling to Rs 443Crore.

Projects Commissioned

BHEL maintained healthy pace of project execution. Power projects totaling 13,452 MWwere commissioned/synchronised during the year- highest ever: inclusive of 11,266 MWutility sets, 1,698 MW captive sets/ industrial sets in the country and 488 MW in overseasmarkets.

During the year, 28 nos. of Utility sets were commissioned expanding footprint of BHELto 382 coal based sets (including 78 sets of 490/500/525/ 600 MW rating), 389 nos. hydroutility sets and 97 gas based sets installed in India showcasing experience and executioncapabilities. Capacity addition in hydro utility segment - 641 MW / 9 sets was highest inlast 5 years.

During the first two years of the 12th Plan, BHEL has already achieved 43%of its target set by MoP. With this, installed capacity of BHEL supplied Utility sets inIndia went up to 1,24,064 MW and company maintained lion’s share of 57% in thecountry’s total installed capacity of 2,18,861 MW comprising Coal, Gas, Diesel, Hydroand Nuclear Sets. However, 65% of the total generation of 746 BU from Thermal Utility Sets(Coal based) was contributed by BHEL supplied sets, testifying superior performance ofBHEL sets.

First Time Achievement

Commissioned BHEL’s first Super-critical set of 660 MW rating at NTPC BarhStage-II

India's first Indigenous manufactured 800 MW

Boiler synchronised at Krishnapatnam (BHEL Scope-Boiler package)

India’s first 1000 MW Nuclear set at Kudankulam-1 synchronised by BHEL (BHELScope-TG E&C)

Setting the Benchmarks of early Commissioning

JPL Raigarh#2 (600 MW) synchronised within 683 days from the date of Boiler erectionstart– a new record

Indigenously manufactured 600 MW set established in the country (2012-13/1 set,2013-14/ 9 sets commissioned/synchronised). Four units of 600 MW synchronised within atime span of 5 months

IPL Amravati #1- PG Test for all the packages (Boiler, TG, Mill & ESP) completedwithin 13 days

Capacity addition of Vallur-3, Parbati Stage-III (2 & 3) and Rampur-2 & 3 wasachieved on the same day of synchronisation

Utility Sets Commissioned during the year

A total of 28 Sets totaling 8,563 MW were commissioned in domestic market during theyear by BHEL.

PROJECT MW STATE PROJECT MW STATE
COAL : Sets 15/7050 MW
North Chennai 1 600 Tamil Nadu Nasik 1 270 Maharashtra
Chhabra 3 250 Rajasthan Vallur 3 500 Tamil Nadu
Rihand 6 500 Uttar Pradesh JPL Raigarh 1 600 Chhattisgarh
Shree Singaji 1 600 Madhya Pradesh Marwa 1 500 Chhattisgarh
Barh STG II 4 660 Bihar JPL Raigarh 2 600 Chhattisgarh
Satpura 11 250 Madhya Pradesh Durgapur 8 250 West Bengal
Amravati 2 270 Maharashtra Avantha Bhandar 1 600 Chhattisgarh
Janjgir Champa 1 600 Chhattisgarh
GAS : Sets 4/872 MW
Pragati GT 4 250 Delhi Pipavav Module 1 351 Gujarat
Rokhia 9 21 Tripura Pragati STG 2 250 Delhi
HYDRO : Sets 9/641 MW
Nimoo Bazgo 1 15 Jammu & Kashmir Parbati Stage III 3 130 Himachal Pradesh
Nimoo Bazgo 2 15 Jammu & Kashmir Rampur 1 68.67 Himachal Pradesh
Nimoo Bazgo 3 15 Jammu & Kashmir Rampur 2 68.67 Himachal Pradesh
Parbati Stage III 1 130 Himachal Pradesh Rampur 3 68.67 Himachal Pradesh
Parbati Stage III 2 130 Himachal Pradesh

Overseas Sets Commissioned by BHEL during the year: Sets 5/488 MW

PROJECT MW PROJECT MW
Finchaa, Ethiopia 2 12 Namchein Vietnam 2 100
Kosti, Sudan STG 1 125 Kosti, Sudan STG 2 125
Belarus 126

Performance of Equipment

Power plants with BHEL supplied equipment continue to exhibit benchmark performance inrespect of Plant Load Factor (PLF), Operating Availability (OA) and outages.

166 BHEL supplied coal based sets achieved PLF of over 70%. Out of these, 36 setsregistered PLF of over 90% and 73 sets achieved PLF between 80% - 90%.

175 BHEL coal based sets achieved OA higher than 90%. 173 BHEL supplied coal based setsclocked uninterrupted operation of more than 90 days during the year out of which, 32 setscontinuously operated for more than 200 days and 45 sets operated twice continuously formore than 90 days. BHEL supplied

Nuclear sets registered an OA of 88.6 % and PLF of 81.5 % in 2013–14. 12 setsclocked uninterrupted operation for more than 90 days. Thermal Power Plants with BHELsupplied equipments recording-PLF more than 90%: Budge Budge, Dahanu, Singrauli, Raigarh,Tanda, Amarkantak-Ex, Korba NTPC

PLF 80-90%: Mettur, Vindhyanchal, Ramagundam, Kota, Vijayawada-500, Unchahar, NeyveliMC-II, Tuticorin, Bhilai, Bhatinda, CESC, Dadri, Harduaganj, Simhadri, Rihand,Talchar-NTPC, Vijayawada-210

Customer Focus

BHEL reinforced its commitment in providing prompt and efficient service to itscustomers aimed at facilitating uninterrupted power supply and keeping power plants ingood running condition. 141 nos. of sets were overhauled by BHEL during the year, coveringboth BHEL as well as non-BHEL sets.

Renovation & Modernisation

Dedicated efforts by BHEL towards Renovation, Modernisation & Uprating of followingunits led achievement of full load at these units post renovation, even after more than 25years of installation – a testimony to BHEL’s product & service excellence.

Muzaffarpur Unit-1 (110 MW): Unit able to run at

113 MW-Higher than rated capacity even after more than 25 years of installation

Obra Unit-9 (210 MW): Up-rated to 216 MW

The first instance of successful moderni-sation & uprating of any 200 MW classmachine in India; BHEL demonstrated running of unit at 221 MW even after 34 years of itsinstallation

Maneri Bhali HEP Unit-2 (76 MW) of UJVNL and of Shanan-HEP Unit-5, PSPCL (50 MW):Successfully carried out major rehabilitation & repair work Bhatinda Unit-3 (110 MW):BHEL exceeded contractual obligations by achieving 88.55% Boiler efficiency againstguaranteed 87.5% in PG Test

BPSCL Bokaro Unit-2: Overhauling of Non- BHEL Russian Boiler

In-situ Repairs

BHEL demonstrated its ability to carry out major repairs in-situ, thus was able to savetime & cost of such repairs. Some of the repairs are:

Machining in Oil Guard portion of the LP Rotor in unit 1 and unit 2 at GGSSTP, Ropar.Similar machining has also been done in ‘Generator Rotor’ in the hydrogen sealarea "Rotor blade shroud machining" at Kolaghat TPS, 210 MW (LMW Design)

Modification/alteration of mill components by all cut machines at Kanti / KBUNL

Residual Life Assessment (RLA) Business

Thrust on providing RLA services to the customers was continued. A total of 6 RLA jobswere completed during the year.

Site MW RLA study of
DVC - Mejia 2 & 3 210 MW Boiler
RINL - Vizag 5 67.5 MW Turbo Blower of Turbine & Boiler
JSW - Tornagallu 2 130 MW TG set
TANGEDCO - Mettur 210 MW TG components
TPS 3
MAHAGENCO - 210 MW Generator
Khaperkheda 1

Acknowledgement & Recognition of Excellence

In number of cases, our valued customers have appreciated efforts by BHEL towardsachieving the work completion target ahead of schedule in challenging conditions,equipment performance and improvements in existing systems in the area of

Erection/Commissioning as well as SAS activities, in the form of appreciation letters.

Some of the appreciation letters received in various categories are-

Commissioning Overhauling
NTECL for successfully achieving full load at Vallur-3(500 MW) CSPGCL for successful replacement of HP-IP module, along with overhauling of LP Turbine & Generator at DSTPM Korba-1(250MW)
NPCIL for successful synchronisation of Kudankulam-1: India’s first 1000 MW Nuclear set OPGCL for successful completion of ESP overhauling ahead of schedule at IB Thermal-2 (210 MW) NSPCL for repair & commissioning of 14 MW Generator at PP-II at NSPCL, Bhilai

Others

JPL for bringing back machine into operation in advance after major overhauling of LPTurbine & Generator at JPL-Raigarh Unit-1 (250MW)

CSPGCL-HTPS Korba West Unit-1, 210MW: for excellent job of top bar replacement withinAnnual O/H schedule

Aravali Power (APCPL) for providing support in attending hydrogen leakage from R-Phasebushing of Generator of Unit-2 at IGSTPP, Jhajjar (500 MW)

RRVUNL towards successful rectification of Turbine breakdown at Suratgarh-2

UPRVUNL-successful rectification of High chronic vibration at Anpara-1(500 MW)

A number of power stations equipped with BHEL supplied sets, received meritorious awardunder ‘National Awards for Meritorious Performance’ by Ministry of Power,Govt. of India for meritorious performance under different categories.

Performance for 2012-13: 11 of 13 Power Stations awarded, are equipped in part or fullwith BHEL make sets

Award Stations that received the awards
Category for performance for 2012-13
Gold Toranagallu TPS (260 MW), Kakrapar
Atomic Power Station (440 MW)
Silver *Trombay CCPP (180 MW)
*Ramagundam TPS (2600 MW)
*Nathpa Jhakri (1500 MW) (Hydro)
Bronze Dahanu TPS (250 MW), Korba TPS
(2600 MW), Pong HEP (396 MW)
Consolation *Bhatinda (LM) (920 MW)
*Rajasthan Atomic Power Station
(1180 MW)
*Tarapur Atomic Power Station
(1400 MW)

Performance for 2011-12: 12 out of 13 Power Stations awarded, are equipped in part orfull with BHEL make sets

Award Stations that received the awards
Category for performance for 2011-12
Gold *Toranagallu TPS (260 MW), Kakrapar
Atomic Power Station (440 MW)
Silver *Trombay CCPP (180 MW) (Gas),
Dahanu TPS (500 MW), Pong HEP
(396 MW)
Bronze *Vindhyachal TPS (3260 MW)
*Ramagundam TPS (2600 MW), Dadri
STPS (1820 MW)
*Nathpa Jhakri (1500 MW) (Hydro)
Consolation Bhatinda (LM) (920 MW)
*Rajasthan Atomic Power Station
(1180 MW)
*Tarapur Atomic Power Station
(1400 MW)

(*) BHEL+ NON BHEL sets

Preparing for Growth

BHEL has successfully maintained its leadership in Indian Power Sector even indifficult times. Company has continuously revisited and fine-tuned its strategies forsustaining growth. Basic premise for the strategy revolves around increasing contribution,portfolio expansion and enhancing competitiveness for creating more value propositions forcustomers. BHEL has always aimed at maximizing value proposition to the customers. Companyhas augmented its manufacturing capacity to 20,000 MW per annum in order to caterto the nations’ requirements of accelerated capacity addition. BHEL has tied up withworld leaders like Siemens, GE, Alstom, MHI etc for technology collaboration for variousequipments. With the capability to manufacture Turbine-Generator, Boilers and criticalauxiliaries upto the range of 1000 MW, BHEL is fully geared up for in-house manufacturingof majority of power equipment ensuring one stop optimal solution for complete powerplant.

BHEL’s rich and diverse experiences in Indian conditions have enabled companyprovide practical and optimal solutions to its customers. As a supplier of Boilers withworld class performance over the years, BHEL symbolizes expertise in designing equipmentsuited for wide range of fuel especially with High Ash Indian Coal, layout considerationsfor operations and maintenance and efficient part load operations etc. In order to furtherstrengthen its competitiveness especially on Project Life Cycle basis, various initiativessuch as continuous design optimization, vendor base expansion, assimilation of technology,increased efficiency in manufacturing, project execution, service after sales, upratingand modernizing old power sets are under execution. Today, company is focusing onenhancement of EPC projects in its thermal (Coal) business mix.

Leveraging its expertise and experience in BTG segment, BHEL has strengthened itscapabilities in BOP segment such as Transformers, Switchyard, Coal Handling, Ash Handling,Water Treatment, Civil Works etc. Further, BHEL is enlarging its scope of offer withinclusion of new products viz. Flue-Gas Desulfurisation (FGD), Water Management system,Air Cooled Condenser & other BoP systems in its power sector portfolio. Exploration ofnew business models with partnerships for Power Plant Developers for upcoming UMPPs anddebt financing for new projects in partnership with Financial Institutions are alsounderway. To further upgrade its technology, company is striving for development ofAdvance Ultra Supercritical Technology, which is a pioneer project undertaken jointly byBHEL, NTPC, IGCAR and others. Company will also be introducing state-of-the-art CFBCtechnology suitable for wide range of fuels viz. pet-coke, Lignite & washery-rejects,etc. In Hydro power sector, BHEL has augmented its capabilities to manufacture upto 300 MWHydro sets. Developing efficient runner profiles and reducing hydro turbine weights havebeen instrumental in BHEL’s recent successes in the field. To harness emergingopportunities for R&M in Hydro power plants, necessary organisation changes have beenput in place. Further, to harness emerging opportunities in Nuclear power, company isworking towards increasing its offering in Nuclear Plant with focus on indigenisation andentry into core-nuclear area.

1.2.2 Industry Sector

BHEL is a leading manufacturer of a variety of Industrial Systems & Products.Industry business of the company aims at meeting the growing demand for a number ofindustries, like metallurgical, mining, cement, paper, fertilizers, refineries &petrochemicals etc. besides captive / industrial utilities. Products and systems suppliedby BHEL include Captive Power Plants, Centrifugal Compressors, Oil Rigs, Drive Turbines,Industrial boilers and auxiliaries, Waste Heat Recovery Boilers, Gas Turbines, Pumps, HeatExchangers, Electrical machines, Valves, Heavy Castings and Forgings, ElectrostaticPrecipitators, ID/FD Fans, Seamless Steel Tubes, etc.

During the year, Industry Sector of BHEL secured orders worth Rs 5,473 Crore ascompared to Rs 4,500 Crore during 2012-13 for a wide variety of products & systems inCaptive Power, Rail Transportation, Power Transmission, Oil & Gas, Defence, RenewableEnergy & Water Business and other industrial sectors. Highest ever synchronisation of1698 MW was achieved comprising 1682 MW CPP projects and 16 MW of Solar PV projectsduring the year.

1.2.2.1 Captive Power Projects

Growth Prospects

The power generation entities in India can be divided into two broad categories:Generation Utilities and Generation Non-Utilities or Captive Power Plants (CPPs). Thecentral government, state government, or private investors own the generation utilities.On the other hand, industries principally commission the CPPs. Electricity Act 2003defines CPPs a

Futures & Options Quote
Expiry Date :
229.55    3.25 (1.44%)
Instrument: FUTSTK
Expiry Date: 31-Jul-2014
Open Price: 227
Average Price: 228.50
No. of Contracts Traded: 12,724
Open Interest: 1,63,42,000
Underlying: BHEL
Market Lot: 2,000
Previous Close: 229.55
Day's High | Low: 230.70 | 225.05
Turnover (Cr.): 581.49
Open Int. Change: 0,82,42,000 ([33.53]% )
Key Information

Key Executives:

B Prasada Rao , Chairman & Managing Director

I P Singh , Company Secretary

Ambuj Sharma , Official Director (Part time)

P K Bajpai , Director (Finance)


Company Head Office / Quarters:

BHEL House,
Siri Fort,
New Delhi,
New Delhi-110049
Phone : New Delhi-91-11-66337000 / New Delhi-
Fax : New Delhi-91-11-66337533 / New Delhi-
E-mail : shareholderquery@bhel.in
Web : http://www.bhel.com

Registrars:

Karvy Computershare Pvt Ltd
105-108 Arunachal Bl,19 Barakhamba Road,Connaught Place,New Delhi - 110 001

 
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