Adani Group and public-sector power company BHEL have struck a big deal. Adani Power Limited of Adani Group has given BHEL an order of Rs 3500 crore. Under this deal, a thermal power plant will be set up in Raipur, Chhattisgarh.
Boiler, Turbine and Generator Will Have To Be Supplied
BHEL said in a notice to the stock market that the company signed the agreement on June 5. This includes supplying equipment like boiler, turbine, and generator for two power plants of 800-800 MW based on technology and supervising installation and operation. The company said that the order is worth more than Rs 3,500 crore. GST will be charged separately on this. BHEL said that the boiler and turbine generator will be manufactured in its factories in Trichy and Haridwar.
BHEL and Adani Power Stocks Surged
On Wednesday, Bharat Heavy Electricals Limited shares closed at Rs 255.35, up Rs 8.80 (4%) on the National Stock Exchange (NSE). On the other hand, Adani Power shares also surged on Wednesday and closed at Rs 726.65, up Rs 3.70 (0.51%). According to data from the Bombay Stock Exchange (BSE), BHEL has given investors a return of about 200 per cent in the last year and 400 per cent in 2 years. The company’s 52-week low is Rs 82.20, and the highest is Rs 322.50.
BHEL Was Formed With Soviet Help
BHEL, owned by the Government of India, is a giant company in the power sector. It manufactures large equipment for power generation. It was established in 1956 with the help of Soviet technology. On the other hand, Adani Power, a subsidiary of Adani Group, has a capacity of about 15250 MW. The company has also installed a vast 40 MW solar plant in Gujarat.
