In English - Bharat Heavy Electricals Ltd.

third equity partner, a change in equity structure has
been agreed and ultimately KPCL would hold 50%,
BHEL 26% and IFCI 24%. The JVC has received MOEF
clearance for the 2x800MW Yeramarus power project
and the order for supply and E&C of main plant
equipment for the 2x800MW Yermarus project has been
placed on BHEL for a value of approx. r 6300 crore.
The LOA for 1x800MW Edlapur project valuing r 3100
crore has also been settled and Notice to Proceed would
be issued after MOEF clearance. At present the total
paid up equity capital of JVC is approx
r 728 crore, with BHEL holding r 331.5 crore, KPCL
holding r 346.5 crore and IFCI holding r 50 crore.
VII) Dada Dhuniwale Khandwa Power Limited
(DDKPL):
BHEL has promoted a joint venture company with
Madhya Pradesh Power Generating Company Ltd
(MPPGCL) for setting up of a 2x800MW Supercritical
Thermal Power Plant at Khandwa, Madhya Pradesh on
build, own and operate basis. The Joint Venture
Agreement with MPPGCL was signed on 28.01.2010
and the JVC was incorporated on 25.02.2010 under
the name of “Dada Dhuniwale Khandwa Power Ltd”.
The initial authorized and paid up equity of the JVC
was r 5 crore subscribed to equally by MPPGCL and
BHEL. A change in equity structure has been approved
with BHEL holding 26%, MPPGCL-10%, PSUs/PSU-
FIs/PSU bank-16% and balance 48% by a partner. The
process of selection of 48% partner has been initiated.
At present the paid up equity capital is r 45 crore, with
BHEL and MPPGCL each having subscribed to r 22.5
crore, to enable JVC to meet land acquisition expenses.
The JVC has been awaiting grant of coal linkage and
MOEF clearance before proceeding with finalizing main
plant equipment order on BHEL.
VIII) Latur Power Company Limited (LPCL):
BHEL has promoted a Joint venture company with
Maharashtra State Power Generation Company Ltd
(MAHAGENCO) for setting up a 2x660 MW Thermal
power plant or 1500 MW gas based Combined Cycle
Power Plant (CCPP) in Latur, Maharashtra. The Joint
Venture Agreement with MAHAGENCO was signed on
11.11.2010 and the JVC was incorporated on
06.04.2011 under the name of “Latur Power Company
ANNUAL REPORT 2011-12
47
Ltd”. The present paid up equity of the JVC is r 5 crore,
subscribed to equally by both the partners. The equity
structure would be diluted subsequently to bring in
Financial Institution/Banks etc, so that MAHAGENCO
and BHEL hold 26% equity each. The JVC is reviewing
the viability of various options to set up a coal based or
gas based project keeping in view the constraints of
availability of sufficient water and fuel for the project.
E. R&D AND TECHNOLOGICAL ACHIEVEMENTS
BHEL places strong emphasis on innovation and
creative development. The research and developmental
efforts of the company are thus aimed not only at
improving the performance and efficiency of the existing
products, but also developing new products using stateof-art
technologies and processes, relevant to the needs
of the country to remain current both in terms of
technology & features vis-à-vis global benchmarks.
Accordingly, BHEL pursued two pronged strategy
namely; aggressive in-house efforts and encouraging
innovation which is in line with the “Decade of
Innovations (2010-2020)” declared by Govt. of India.
As a result, R&D spend of the company has registered
22% growth over last financial year (from r 982 Crore
to r 1198.82 Crore and associated growth of 15% in
turnover from In-house developed products and
services clocking turnover of r 9832 Crore, which is
approx 20% of the total turnover of the company.
BHEL's efforts for encouraging innovation have resulted
in raising BHEL's IPR capital tally to 1786 as on date with
highest ever IP r (351 nos) filed this year.
1200 kV, 333 MVA Ultra High Voltage Auto Transformer
designed & manufactured by BHEL