Proposal to set up JV with RECPDCL awaits DIPAM approval: BHEL

New Delhi: The proposal to set up a joint venture with RECPDCL is currently with the Department of Investment and Public Asset Management (DIPAM) for its approval, state-run BHEL said on Saturday.

PSU Watch is now on Whatsapp Channels. Click here to join

In March 2024, REC Power Development and Consultancy Ltd (RECPDCL) -- a wholly owned subsidiary of REC Ltd -- had signed an MoU with Bharat Heavy Electrical Ltd (BHEL) for joint development of utility scale renewable energy projects across the country.

The MoU aims to contribute to the clean energy targets of the nation, through a dedicated special purpose vehicle (SPV).

In an exchange filing on Saturday, the proposal is under approval with DIPAM. After the same, the proposal will be re-submitted to BHEL board for incorporation of the JVC and investment (with due diligence and feasibility report).

The joint venture agreement will be signed after all necessary approvals are obtained and disclosure under regulation 30 of the SEBI (LODR) Regulations, 2015 in this regard shall be made suitably.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)