Bharat Heavy Electricals Limited (BHEL) has approved a further equity investment of ₹65 crore in its joint venture company, NTPC BHEL Power Projects Private Limited (NBPPL). The decision was taken at a meeting of BHEL’s Board of Directors held on September 14, 2026.
The proposed investment will be made during the financial year 2026-27 in one or more tranches through cash consideration at face value. The capital infusion will help NBPPL meet its urgent liabilities and support the company in continuing its operations as a going concern.
NBPPL was established in April 2008 as a 50:50 joint venture between BHEL and NTPC Limited. The company is engaged in executing engineering, procurement and construction (EPC) contracts for power plants and manufacturing power plant equipment in India.
The transaction is classified as a related-party transaction and will be carried out on an arm’s-length basis. Following the investment, BHEL and NTPC will continue to hold equal 50% stakes in NBPPL. The company has stated that no separate government or regulatory approvals are required for completing the investment.
The additional capital support comes as NBPPL has experienced a significant decline in turnover over the past three financial years. Its turnover stood at ₹18.19 crore in FY 2023-24. This declined sharply to ₹3.48 crore in FY 2024-25 and further fell to a provisional ₹1.04 crore in FY 2025-26.
The latest investment is therefore aimed at strengthening NBPPL’s financial position and addressing its immediate financial obligations. The funding is expected to provide the joint venture with additional support to maintain its operations despite the decline in revenue.
BHEL’s latest capital commitment highlights the parent company’s continued support for NBPPL and its efforts to stabilize the joint venture’s financial position while maintaining its presence in India’s power sector.
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