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State-owned engineering major Bharat Heavy Electricals Limited (BHEL) has announced that its proposed joint venture with REC Power Development and Consultancy Limited will not be formed.
The decision follows the non-agreement of the Department of Investment and Public Asset Management (DIPAM) to the proposal.
In a regulatory filing to the BSE and the National Stock Exchange of India, BHEL stated that its Board of Directors noted the development in a meeting held on 25th September 2025.
The meeting, which commenced at 4:00 PM and concluded at 5:30 PM, officially acknowledged that the joint venture plan would not proceed.
This announcement serves as an update to a previous clarification the company had issued on the matter on 10th May 2025.
The primary reason cited for the cancellation is that DIPAM, the nodal government agency that manages the Indian government’s investments in public sector enterprises, has not agreed to the joint venture proposal.
This information was disclosed to the stock exchanges under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The official notification was signed by Dr. Yogesh R Chhabra, Company Secretary for BHEL.
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