Bharat Heavy Electricals Ltd (BHEL) will invest ₹65 crore in NTPC BHEL Power Projects Pvt Ltd (NBPPL), its 50:50 joint venture with NTPC Ltd, as the state-owned engineering company moves to support the financial continuity of the power projects venture.
The BHEL board approved the additional equity investment of ₹65 crore, in one or more tranches, at its meeting held on September 14, 2026. The investment is expected to be completed during FY2026-27.
Investment to support NBPPL’s continuity
NBPPL was incorporated in April 2008 as a joint venture between BHEL and NTPC, with each company holding a 50% equity stake.
The company was established to execute engineering, procurement and construction (EPC) contracts for power plants and manufacture power plant equipment.
BHEL said the fresh equity contribution is primarily intended to enable NBPPL to settle urgent liabilities and maintain the company as a going concern.
Both BHEL and NTPC to maintain 50% holding
The ₹65 crore investment will be made in cash at face value by the promoter companies and will be carried out on an arm’s-length basis.
BHEL’s shareholding in NBPPL will remain at 50% following the investment.
No governmental or regulatory approval is required for the investment, according to BHEL’s disclosure to the stock exchanges.
NBPPL turnover has declined sharply
The investment comes against a sharp decline in NBPPL’s reported turnover over the past three financial years.
The company recorded provisional turnover of just ₹1.04 crore in FY2025-26, compared with ₹3.48 crore in FY2024-25 and ₹18.19 crore in FY2023-24.
The latest investment is therefore aimed at providing the joint venture with the financial support required to meet immediate liabilities and continue as a going concern, rather than representing an expansion of BHEL’s stake.
Power equipment and EPC remain the focus
NBPPL’s mandate continues to centre on EPC contracts for power plants and the manufacture of power plant equipment.
The joint venture is based in India and has operated with equal ownership between BHEL and NTPC since its incorporation in 2008.
For BHEL, the additional capital infusion keeps its ownership unchanged while providing financial support to its power-sector joint venture at a time when NBPPL’s turnover has fallen significantly.
The investment is scheduled to be completed in FY2026-27, subject to the terms disclosed by the company.