Bharat Heavy Electricals Limited

Type| Public

Traded as

* BSE: 500103
* NSE: BHEL

ISIN| [https://handwiki.org/wiki/index.php?title=Toollabs:isin/&language;=en∈=INE257A01026+INE257A01026]">[https://handwiki.org/wiki/index.php?title=Toollabs:isin/&language=en&isin=INE257A01026 INE257A01026]
Industry| Aerospace
Defence
Electrical equipment
Battery manufacturing
Forging
Locomotive
Nuclear power
Rail transport
Hydropower
Thermal power station
Renewables
Founded| 1956; 70 years ago (1956)
Founder| Government of India
Headquarters|

New Delhi

India

Area served

| Worldwide

Key people

| K S Murthy (chairman & Managing Director)
Products|

* Heavy Duty Industrial Gas Turbines
* Ultra High Voltage Transformer
* Industrial Valves
* Power electronics
* Boilers
* Electric Motors
* Controlled Shunt Reactor
* Electric Locomotives
* Generators
* Heat Exchangers
* Nuclear reactor
* Switchgears and Sensors
* Automation and Control Systems
* Transmission systems

Revenue|  ₹27,350 crore (US$3.8 billion) (2025)[1]

Operating income

|  ₹243 crore (US$34 million) (2024)[1]

Net income

|  ₹282 crore (US$40 million) (2024)[1]
Total assets|  ₹59,005 crore (US$8.3 billion) (2024)[1]
Total equity|  ₹24,439 crore (US$3.4 billion) (2024)[1]
Owner| Government of India (63.17%)[2]

Number of employees

| 29,826 (Dec-2022)[3]
Website| {{{1}}}

Bharat Heavy Electricals Limited (BHEL) is an Indian central public sector undertaking and the largest government-owned electrical/ industrial technology company. It is owned by the Government of India, with administrative control under the Ministry of Heavy Industries. Established in 1964, BHEL is based in New Delhi.

## Contents

* 1 History
* 2 Operations
* 3 Initiatives
* 3.1 List of R&D breakthroughs
* 4 Manufacturing facilities
* 5 Test facilities
* 6 Upcoming projects
* 7 Criticism
* 8 See also
* 9 References

## History

BHEL was established in 1956, ushering in the heavy electrical equipment industry in India. Heavy Electricals (India) Limited was merged with BHEL in 1974.[4] When it was set up in 1956, BHEL was envisaged as a plain manufacturing PSU, with technological help from the Soviet Union.[5] In 1991, BHEL was converted into a public company. Over time, it developed the capability to produce a variety of electrical, electronic, and mechanical equipment for various sectors, including transmission, transportation, oil and gas, and other allied industries.[4] However, the bulk of the company's revenue is still derived from the sale of power generation equipment such as turbines and boilers. As of 2017, equipment supplied by BHEL constituted around 55% of the total installed power generation capacity in India.[6] The company also supplies electric locomotives to the Indian Railways and defence equipment such as the Super Rapid Gun Mount (SRGM) naval guns manufactured in partnership with the Ordnance Factory Board and simulators to the Indian Armed Forces.[4][7]

It has also been exporting its power and industry segment products and services for over 40 years. BHEL's global references are spread across over 76 countries across all six continents of the world. The cumulative overseas installed capacity of BHEL-manufactured power plants exceeds 9,000 MW across 21 countries, including Malaysia, Oman, Iraq, UAE, Bhutan, Egypt, and New Zealand. Their physical exports range from turnkey projects to after-sales services.[8]

## Operations

BHEL WAG7 freight train Two-seat training monoplane Bharat Swati built by BHEL File:BHELnavalgun.jpgSuper Rapid Gun Mount (SRGM) 76/62 naval gun built by BHEL Kolkata metro 1000 series coaches built between 1984 and 1988 by BHEL

BHEL is engaged in the design, engineering, manufacturing, construction, testing, commissioning, and servicing of a wide range of products, systems, and services for the core sectors of the economy, viz., power, transmission, industry, transportation, renewable energy, oil & gas, and defence.

It has a network of 16 manufacturing units, two repair units, four regional offices, eight service centres, eight overseas offices, 15 regional centres, seven joint ventures, and infrastructure allowing it to execute more than 150 projects at sites across India and abroad. The company has established the capability to deliver 20,000 MW p.a. of power equipment to address the growing demand for power generation equipment.[9]

BHEL has retained its market leadership position during 2015–16 with 74% market share in the Power Sector. An improved focus on project execution enabled BHEL to record its highest-ever commissioning/synchronization of 15059 MW of power plants in domestic and international markets in 2015–16, marking a 59% increase over 2014–15. With the all-time high commissioning of 15000 MW in a single year, FY2015-16, BHEL has exceeded 170 GW installed base of power-generating equipment.[10]

BHEL has been catering to the nation's Nuclear Programme since 1976 by way of design, manufacture, testing and supply of critical nuclear components like Reactor Headers, Steam Generators, Steam Turbine Generators, other Heat Exchangers and Pressure Vessels.[11]

Bharat Heavy Electricals Limited has a total of 2406 patents globally, out of which 1326 have been granted. Of these 16833 patents, more than 78% patents are active. India is where Bharat Heavy Electricals Limited has filed the maximum number of patents, followed by the USA and Europe. Bharat Heavy Electricals Ltd (BHEL), on an average, applied for more than one patent or copyright every working day in FY-2011.[12][13]

## Initiatives

The first 3-phase Ethernet-based AC MEMU train equipped with BHEL manufactured electrics

BHEL's investment in R&D is amongst the largest in the corporate sector in India.

During 2012–2013, the company invested about ₹1,252 Crore on R&D efforts, which corresponds to nearly 2.50% of the turnover of the company, focusing on new product and system developments and improvements in existing products. The IPR (Intellectual Property Rights) capital of BHEL grew by 21.5% in the year, taking the total to 2170.

The corporate R&D division at Hyderabad leads BHEL's research efforts in a number of areas of importance to BHEL's product range. Research & product development (RPD) groups for each product group at the manufacturing divisions play a complementary role. BHEL has established Centres of Excellence for Simulators, Computational Fluid Dynamics, Permanent Magnet Machines, Surface Engineering, Machine Dynamics, Centre for Intelligent Machines and Robotics, Compressors & Pumps, Centre for Nano Technology, Ultra High Voltage Laboratory at Corporate R&D; Centre of Excellence for Hydro Machines at Bhopal; Power Electronics and IGBT & Controller Technology at Electronics Division, Bengaluru, and Advanced Fabrication Technology and Coal Research Centre at Tiruchirappalli.

BHEL has established four specialized institutes, viz., Welding Research Institute (WRI) at Tiruchirappalli, Ceramic Technological Institute (CTI) at Bangalore, Centre for Electric Traction (CET) at Bhopal, and Pollution Control Research Institute (PCRI) at Haridwar. Amorphous Silicon Solar Cell plant at Gurgaon pursues R&D in Photo Voltaic applications.[14]

Bharat Heavy Electricals Limited (BHEL) has achieved the historic milestone of supplying its 100th Space-grade battery to ISRO for the important and first-of-its-kind mission, Chandrayaan 3. The batteries are manufactured at the Electronic Systems Division (ESD) of BHEL in Bengaluru. They use various types of chemistry, including Nickel-Cadmium, Nickel-Hydrogen, and Lithium-Ion.[15]

BHEL-supplied equipment at Kaiga power plant creates a world record for continuous operation.[16] BHEL and NPCIL collaborated to develop the 220-MW Kaiga 1 nuclear power plant, an indigenously designed pressurized heavy water reactor (PHWR). On 31 December 2019, Kaiga 1 became a world record holder for running 962 unbroken days.[17]

BHEL is one of the only four Indian companies and the only Indian public sector enterprise figuring in 'The Global Innovation 1000' of Booz & Co., a list of 1,000 publicly traded companies which are the biggest spenders on R&D in the world.[18]

In 2011, Bharat Heavy Electricals Ltd was ranked the 9th most innovative company in the world by the US business magazine Forbes. It filed 303 patents and copyrights during the year. Its intellectual capital has gone up to 1,438 patents and copyrights.[19]

### List of R&D breakthroughs

Source:[20]

1. Its an industrial technology and equipment provider for world's first commercial thorium reactor called Prototype Fast Breeder Reactor.[21]
2. Its R&D breakthroughs include 100 KW permanent magnet motors for India's submarine programme, which significantly reduce the size of the submarines for greater mobility.
3. The insulated-gate bipolar transistor-based inverter for railway locomotives. This propulsion system, which allows locomotives to use power more efficiently, helped BHEL bag a Rs 400 crore order from the Indian Railways, beating international rivals.
4. It's R&D developed the high temperature superconducting (HTSC) transformer, which is more efficient, smaller in size, weight, and volume, and can withstand twice the capacity overload without insulation damage or loss of product life.
5. In 2011, the World's first 1200 kV Ultra High Voltage Alternating Current (UHVAC) Transformer of 333 MVA rating. The Transformer has been developed, manufactured, and successfully tested by BHEL entirely through in-house know-how.[22] India's PowerGrid beats global peers in high-voltage game with the help of BHEL.[23]
6. World's First DC Electric Train Engine With Regenerative Braking. The concept involving the energy-efficient regeneration system was put into shape by BHEL in a 5,000 HP WAG-7 electric locomotive. The technology is meant to be an upgrade to the existing dynamic braking system used presently in the locomotives.[24]
7. In 2002, Bharat Heavy Electricals successfully developed a first-of-its-kind technology in the world for improving power transfer capability and reducing transmission losses in the country's highest-rated (400 kV) transmission lines. The device, called Controlled Shunt Reactor[25][26]
8. BHEL has commissioned the world's first ±800 kV multi-terminal HVDC project from North-East to Agra.[27]
9. BHEL successfully demonstrates World's first indigenous High Ash Coal Gasification Plant, which converts Coal to Methanol.[28][29]
10. BHEL commissions 250 MW lignite power plant in Gujarat based on eco-friendly Circulating Fluidized Bed Combustion (CFBC) technology, using low-grade coal (lignite) as the primary fuel.[30]
11. Bharat Heavy Electricals has developed a high-velocity oxy-fuel thermal spray process for preventing silt erosion in components of hydro turbines in hydroelectric power stations. HVOF coatings were applied to turbine needles at the Shanan project and to guide vanes, top cover, and lower ring at the airasiul project. It was found that the coated components showed negligible erosion.[31]
12. BHEL implements innovative boiler cleaning process in coal-fired thermal units.The boiler commissioning cycle will reduce from 100 days to 80 days by completing the main 'Boiler Acid cleaning' without its light-up, by using an Auxiliary Boiler.[32]
13. BHEL in collaboration with IIT Madras developed the Solid Waste Combustor. This indigenous Pilot Plant, based on a first-of-its-kind ‘Rotary Furnace’, is designed to efficiently incinerate unsegregated Municipal Solid Waste generated in India.[33]
14. BHEL in JV with Coal India Limited (CIL) to develop a coal-to-chemicals company called Bharat Coal Gasification and Chemicals Ltd (BCGCL), BCGCL will produce chemicals from coal, including ammonia, nitric acid, syn-gas, and ammonium nitrate, etc.[34]
15. In 2022, Bharat Heavy Electricals Ltd. (BHEL) produced a Bus Potential Transformer Module, the first of its kind to be developed by an Indian manufacturer. In the existing design, a separate Potential Transformer(PT) panel was provided, having the same size, weight, and cost as a regular feeder panel. Cost savings of 57% can be achieved by the new development. In addition, panel size and weight are reduced by 80%, compared to conventional PT panels. The new PT Module for 33 kV Gas Insulated Switchgear (GIS) was successfully developed, installed and commissioned at a substation site (HVPNL, Sector – 107 Gurugram, Haryana).[35][36]
16. In Sept 2024, Bharat Heavy Electricals Limited (BHEL) received the first-ever order for the demonstration of methanol firing in a Gas Turbine at the 350 MW Kayamkulam Combined Cycle Power Plant (CCPP) of NTPC installed at Alappuzha district in Kerala. This will be the first such demonstration project of its kind in India.[37]

## Manufacturing facilities

BHEL Bhopal factory BHEL Jhansi built WAG-7 at BHEL yard, Jhansi

In 2009, it developed a new state-of-the-art 1,200 kV class Ultra High Voltage (UHV) transformer manufacturing facility at BHEL, Bhopal in Madhya Pradesh. The new UHV transformer block has a dust free and controlled atmosphere, air conditioned bays for winding works, pressurised bay for core building and final assembly, EOT cranes for lifting loads to 450 tonne, isostatic pressing device for windings, air cushion transport system for movement of equipment & machinery and attached UHV laboratory for testing transformers.[38]

BHEL Jhansi is a factory and township in Uttar Pradesh, India. It was founded on 9 January 1974 and is one of the 17 manufacturing units, including FSIP Jagdishpur. BHEL Jhansi started production of transformers in 1976. BHEL Jhansi has two product groups: transformers and locomotives.

## Test facilities

BHEL collaborated with National High Power Test Laboratory Pvt. Ltd. (NHPTL) to test an auto transformer at NHPTL facilities.[39]

BHEL to establish India's first High Temperature Spin Test Rig for coal-based thermal power plants. The efficiency enhancement of coal-based thermal power plants depends on the use of nickel-based superalloy material,s as opposed to chrome-based steels widely used now. Advanced Ultra Super Critical (AUSC) consortium selected the nickel-based Alloy 617M.[40]

## Upcoming projects

BHEL has won the contract to supply 80 Vande Bharat Express

In 2019, BHEL and Libcoin were in talks to form a consortium to initially build a 1GWh lithium-ion battery plant in India.The plant's capacity will be scaled up to 30GWh in due course.[41]

In 2022, BHEL and Titagarh Wagons formed a consortium and participated in a tender by Government of India. The consortium emerged the second lowest bidder and will be supplying 80 Vande Bharat Trains at the rate of 120 crore per train to Indian Railways.[42][43] BHEL will supply propulsion system i.e. IGBT based traction converter-inverter, auxiliary converter, train control management system, motors, transformers and mechanical bogies.[44]

In 2023, the Nuclear Power Corporation of India (NPCIL) and Bharat Heavy Electricals Limited (BHEL) entered into an MoU to jointly pursue business opportunities in the area of nuclear power plants based on Pressurized Heavy Water Reactor (PHWR) technology. BHEL is the company to be actively associated with all the three stages of the Indian Nuclear Programme (1st Stage PHWR, 2nd Stage FBR, and 3rd Stage AHWR).[45]

In May 2023, Bharat Heavy Electricals Limited (BHEL), stated that the Indian Railways has set very ambitious targets and kept aggressive targets for upgradation. One of the significant goals set by the Indian Railways is the complete overhaul of signaling systems. As technology upgrades, BHEL will also upgrade and participate in the modernization process of the signaling system.[46]

In August 2023, BHEL and Leonardo, an Italian defence and aerospace company, partnered together to bid for a contract to supply air defence guns to the Indian Army.[47] In November 2023, the Ministry of Defence signed a contract worth ₹2,956.89 crore (US$410 million) with BHEL for procuring 16 upgraded super rapid gun mount (SRGM) cannon and accessories for the Indian Navy.[48][49] The first of the upgraded SRGM cannons was constructed in BHEL Haridwar in 2024.[49]

In April 2025, BHEL and Nuovo Pignone International, an Italian company, signed an agreement to pursue business opportunities related to compressor train revamp projects in India’s fertilizer industry.[50] In May 2025, BHEL formed a joint venture with REC Power Development & Consultancy, a subsidiary of the PSU REC, to jointly develop renewable energy, other power and infrastructure projects.[51] In May 2025, BHEL sought an expression of interest (EOI) for selecting a technology partner to develop the Future Ready Combat Vehicle, a next generation main battle tank project, for the Indian Army.[52]

In March 2026, BHEL received an order from NTPC for a project located in the Peddapalli district of Telangana. Under the contract, BHEL is required to deliver the main plant package for the 3x800 MW Telangana Stage-II thermal power plant. [53]

## Criticism

BHEL is selected to construct 1340-megawatt Rampal coal power plant in Rampal Upazila, Bangladesh, which is close to the Sundarbans mangrove forest. The power plant is set up by Bangladesh-India Friendship Power Company Pvt. Limited — a joint venture between NTPC Limited and Bangladesh Power Development Board.[54] The project has faced criticism for the environmental impact and the potential harm to the largest mangrove forest in the world.[55][56][57] In 2017 Norway's sovereign wealth fund removed BHEL from its investment portfolio over concerns about the Rampal coal plant.[58][59]

## See also

* Bharathidasan Institute of Management, a college that functions within the BHEL campus; established in partnership with BHEL
* List of public sector undertakings in India

## References

1. ↑ 1.0 1.1 1.2 1.3 1.4 "BHEL 2024 Annual Report". https://www.bseindia.com/xml-data/corpfiling/AttachLive/6132414a-e62c-4fba-bedb-78d636b23338.pdf.
2. ↑ "BHEL bags R&M contract for Ukai Thermal Power Station worth Rs 300 crore". Business Standard India. 19 January 2023. https://www.business-standard.com/article/news-cm/bhel-bags-r-m-contract-for-ukai-thermal-power-station-worth-rs-300-crore-123011901012_1.html.
3. ↑ "BHEL Annual Report 2022-23". https://www.bhel.com/sites/default/files/Annual Report 2022-23.pdf.
4. ↑ 4.0 4.1 4.2 "Company History – Bharat Heavy Electricals Ltd.". Economic Times. http://economictimes.indiatimes.com/bharat-heavy-electricals-ltd/infocompanyhistory/companyid-11831.cms.
5. ↑ "BHEL & Bharat Electronics, two PSUs in top R&D spenders in India". Economic Times. https://economictimes.indiatimes.com/news/company/corporate-trends/bhel-bharat-electronics-two-psus-in-top-rd-spenders-in-india/articleshow/7175544.cms.
6. ↑ "Annual Report 2015-16". http://www.bhel.com/financial_information/pdf/15-16/BHEL Annual Report 2015-16.pdf.
7. ↑ "Ordnance Factory Board develops advanced rifles". Business Standard India. 6 January 2006. https://www.business-standard.com/article/economy-policy/ordnance-factory-board-develops-advanced-rifles-106010601094_1.html.
8. ↑ "Bharat Heavy Electricals Ltd.". Bhel.com. http://www.bhel.com/about.php.
9. ↑ "About us". BHEL.com. 31 March 2013. http://www.bhel.com/about.php.
10. ↑ "Bharat Heavy Electricals Ltd" (Press release). Bhel.com. 7 April 2016. Retrieved 10 May 2018.
11. ↑ "BHEL dispatches nuclear steam generator to NPCIL for Rajasthan project". The Economic Times. 14 March 2022. https://economictimes.indiatimes.com/industry/energy/power/bhel-dispatches-nuclear-steam-generator-to-npcil-for-rajasthan-project/articleshow/90197874.cms?from=mdr.
12. ↑ "BHEL applied for 1 patent every day in FY'11". 5 April 2011. https://indianexpress.com/article/news-archive/web/bhel-applied-for-1-patent-every-day-in-fy11/.
13. ↑ "Bharat Heavy Electricals Limited Patents Key Insights & Stats". https://insights.greyb.com/bharat-heavy-electricals-limited-patents/.
14. ↑ "Bharat Heavy Electricals Ltd.". Bhel.com. 31 March 2017. http://www.bhel.com/about_rd.php.
15. ↑ "BHEL supplies 100th space-grade battery to ISRO". The Economic Times. 19 March 2021. https://economictimes.indiatimes.com/news/science/bhel-supplies-100th-space-grade-battery-to-isro/articleshow/81590314.cms?from=mdr.
16. ↑ "BHEL-supplied equipment at Kaiga power plant create world record - ET EnergyWorld". https://energy.economictimes.indiatimes.com/news/power/bhel-supplied-equipment-at-kaiga-power-plant-create-world-record/66540280.
17. ↑ "Indian-Designed Nuclear Reactor Breaks Record for Continuous Operation". February 2019. https://www.powermag.com/indian-designed-nuclear-reactor-breaks-record-for-continuous-operation/.
18. ↑ "Research & Development". BHEL. http://www.bhel.com/about_rd.php.
19. ↑ "BHEL ninth on Forbes' most innovative list". The Economic Times. 28 July 2011. https://economictimes.indiatimes.com/industry/indl-goods/svs/engineering/bhel-ninth-on-forbes-most-innovative-list/articleshow/9394497.cms?from=mdr.
20. ↑ "BHEL & Bharat Electronics, two PSUs in top R&D spenders in India". The Economic Times. 28 December 2010. https://economictimes.indiatimes.com/news/company/corporate-trends/bhel-bharat-electronics-two-psus-in-top-rd-spenders-in-india/articleshow/7175544.cms?from=mdr.
21. ↑ "BHEL achieves breakthrough in the Nuclear Power segment; Wins order for new rating, indigenously-developed 700 MWe Nuclear Sets based on Pressurised Heavy Water Reactors | Official Website of Bharat Heavy Electricals Limited, New Delhi, India". https://www.bhel.com/index.php/bhel-achieves-breakthrough-nuclear-power-segment-wins-order-new-rating-indigenously-developed-700.
22. ↑ "BHEL develops India's first UHVAC Transformer - Construction Week India". Construction Week India. 30 May 2011. https://www.constructionweekonline.in/business/bhel-develops-indias-first-uhvac-transformer.
23. ↑ "India's PowerGrid beats global peers in high-voltage game". The Times of India. 8 August 2016. https://timesofindia.indiatimes.com/business/indias-powergrid-beats-global-peers-in-high-voltage-game/articleshow/53589420.cms.
24. ↑ "India Creates World's First DC Electric Train Engine with Regenerative Braking". 11 February 2019. https://www.indiatimes.com/technology/news/bhel-creates-world-s-first-dc-locomotive-with-regenerative-braking-promises-rs-25-lakh-saving-per-unit-per-year-361976.html.
25. ↑ "Bhel develops device to reduce T&D losses". The Times of India. 21 November 2002. https://timesofindia.indiatimes.com/business/india-business/bhel-develops-device-to-reduce-td-losses/articleshow/28959774.cms.
26. ↑ "BHEL to supply device for high-voltage systems". The Hindustan Times. 7 October 2006. https://www.hindustantimes.com/india/bhel-to-supply-device-for-high-voltage-systems/story-KIzepl351g9Xw0XREukAqI.html.
27. ↑ "BHEL commissioned world's first ±800 kV multi-terminal HVDC project". https://www.psuconnect.in/news/bhel-commissioned-world-first-multi-terminal-hvdc-project/35854.
28. ↑ "First of Its Kind! Central Government Inaugurates India's 'Coal to Methanol' Plant Made by BHEL". 17 January 2022. https://thelogicalindian.com/trending/coal-to-methanol-bhel-33320.
29. ↑ "Innovation: BHEL successfully demonstrates India's first indigenous High Ash Coal Gasification Plant". 11 September 2021. https://newsonair.com/2021/09/11/innovation-bhel-successfully-demonstrates-indias-first-indigenous-high-ash-coal-gasification-plant/.
30. ↑ "BRIEF-BHEL commissions 250 MW lignite power plant in Gujarat". Reuters. 27 March 2017. https://www.reuters.com/article/brief-bhel-commissions-250-mw-lignite-po-idINFWN1H304J.
31. ↑ "BHEL develops process to check plant erosion". The Times of India. 8 July 2003. https://timesofindia.indiatimes.com/business/india-business/bhel-develops-process-to-check-plant-erosion/articleshow/64677.cms.
32. ↑ "BHEL implements innovative boiler cleaning process in coal-fired thermal units". 4 December 2020. https://psuwatch.com/national-news/bhel-implements-innovative-boiler-cleaning-process-in-coal-fired-thermal-units.
33. ↑ "IIT Madras-developed Solid Waste Combustor Commissioned at BHEL Factory in Tamil Nadu". 27 May 2022. https://indiaeducationdiary.in/iit-madras-developed-solid-waste-combustor-commissioned-at-bhel-factory-in-tamil-nadu/.
34. ↑ "Coal India, BHEL Form Coal-To-Chemicals Joint Venture". 28 May 2024. https://www.ndtvprofit.com/business/coal-india-bhel-form-coal-to-chemicals-joint-venture.
35. ↑ "Bharat Heavy Electricals LTD (BHEL) has produced a Bus Potential Transformer Module for 33 kV Gas Insulated Switchgear (GIS)". Power Transformer News. 15 February 2022. https://www.powertransformernews.com/2022/02/15/bhel-develops-transformer-module-for-gis/.
36. ↑ "BHEL develops Bus Potential Transformer Module for 33kV GIS". https://www.dailypioneer.com/2022/state-editions/bhel-develops-bus-potential-transformer-module-for-33kv-gis.html.
37. ↑ A, Sam Paul (19 September 2024). "NTPC Kayamkulam to pioneer methanol-based power generation in India". The Hindu. https://www.thehindu.com/news/national/kerala/ntpc-kayamkulam-to-pioneer-methanol-based-power-generation-in-india/article68659521.ece.
38. ↑ "BHEL develops new state-of-the-art facility at Bhopal". 20 November 2009. https://indolinkenglish.wordpress.com/2009/11/20/bhel-develops-new-state-of-the-art-facility-at-bhopal/.
39. ↑ "BHEL successfully tests auto transformer at NHPTL". 28 November 2020. https://www.dailypioneer.com/2020/state-editions/bhel-successfully-tests-auto-transformer-at-nhptl.html.
40. ↑ "BHEL to establish India's first High Temperature Spin Test Rig for coal-based thermal power plants". 19 September 2020. https://themachinemaker.com/innovation/high-temperature-spin-test-rig-for-coal-based-thermal-power-plants.
41. ↑ "BHEL, Libcoin to build India's first lithium-ion battery plant: Govt - ET Auto". https://auto.economictimes.indiatimes.com/news/industry/bhel-libcoin-to-build-indias-first-lithium-ion-battery-plant-govt/67597224.
42. ↑ "Bhel emerges as fully Indian bidder for the Vande Bharat train". https://www.constructionworld.in/transport-infrastructure/metro-rail-and-railways-infrastructure/bhel-emerges-as-fully-indian-bidder-for-the-vande-bharat-train/39397.
43. ↑ "Russia's TMH-RVNL JV emerges lowest bidder for 200 Vande Bharat trains". March 2023. https://www.business-standard.com/article/economy-policy/russia-s-tmh-rvnl-jv-emerges-lowest-bidder-for-200-vande-bharat-trains-123030101203_1.html.
44. ↑ "BEML and BHEL-led JV awarded two contracts for 90 sleeper version of Vande Bharat Trains". https://www.urbantransportnews.com/news/beml-and-bhel-led-jv-awarded-contract-for-90-sleeper-version-of-vande-bharat-trains.
45. ↑ "BHEL and NPCIL sign MoU for collaboration for pressurised Heavy Water Reactor Technology based Nuclear Power Plants". https://www.freepressjournal.in/corporate-gallery/bhel-and-npcil-sign-mou-for-collaboration-for-pressurised-heavy-water-reactor-technology-based-nuclear-power-plants.
46. ↑ "BHEL expects to ride Indian Railways aggressive upgradation targets". 2 May 2023. https://www.cnbctv18.com/business/companies/bhel-expects-to-ride-indian-railways-aggressive-upgradation-targets-vande-bharat-16544521.htm.
47. ↑ Jha, Manish Kumar (12 August 2023). "BHEL’s Air Defence gun partnership with a foreign vendor raises concerns". https://www.financialexpress.com/business/defence-bhels-air-defence-gun-partnership-with-a-foreign-vendor-raises-concerns-3208623/.
48. ↑ "Defence ministry inks Rs 2,956 cr contract with BHEL to procure 16 super rapid gun mount for Navy". The Economic Times. 28 November 2023. ISSN 0013-0389. https://economictimes.indiatimes.com/news/defence/defence-ministry-inks-rs-2956-cr-contract-with-bhel-to-procure-16-super-rapid-gun-mount-for-navy/articleshow/105570635.cms?from=mdr.
49. ↑ 49.0 49.1 "Construction of first upgraded Super Rapid Gun Mount cannon completed at Haridwar BHEL". 13 September 2024. https://theprint.in/india/construction-of-first-upgraded-super-rapid-gun-mount-cannon-completed-at-haridwar-bhel/2267050/.
50. ↑ "BHEL, Nuovo Pignone International join hands to bid for compressors train revamp projects". The Economic Times. 9 April 2025. ISSN 0013-0389. https://economictimes.indiatimes.com/industry/indl-goods/svs/engineering/bhel-nuovo-pignone-international-join-hands-to-bid-for-compressors-train-revamp-projects/articleshow/120130152.cms?from=mdr.
51. ↑ "Board of REC approves JV between REC Power Development and BHEL". 8 May 2025. https://www.business-standard.com/markets/capital-market-news/board-of-rec-approves-jv-between-rec-power-development-and-bhel-125050801561_1.html.
52. ↑ Jayakumar, P. B. (15 May 2025). "India’s futuristic FRCVs set to replace Soviet-era tanks with AI, drones, and unmatched firepower". https://www.fortuneindia.com/business-news/indias-futuristic-frcvs-set-to-replace-soviet-era-tanks-with-ai-drones-and-unmatched-firepower/123145.
53. ↑ "BHEL bags ₹13,500 crore NTPC order for Telangana thermal project - CNBC TV18" (in en). 2026-03-30. https://www.cnbctv18.com/market/bhelshare-price-bags-rs-13500-crore-ntpc-order-for-telangana-thermal-project-ws-l-19877598.htm.
54. ↑ Khan, Sharier (18 January 2016). "India's Bhel gets Rampal contract". http://www.thedailystar.net/frontpage/indias-bhel-gets-rampal-contract-203518.
55. ↑ "Shift Rampal power plant, save Sundarbans". http://www.theindependentbd.com/printversion/details/6480.
56. ↑ "Rampal power plant puts the Sundarbans in crossfire". http://www.en.prothom-alo.com/bangladesh/news/85947/‘Rampal-power-plant-puts-the-Sundarbans-in.
57. ↑ "Rampal plant to doom Sundarbans: Study". http://www.dhakatribune.com/environment/2013/sep/29/rampal-plant-doom-sundarbans-study.
58. ↑ "Norway excludes India's BHEL over Rampal power plant" (in en-US). Dhaka Tribune. 6 May 2017. http://www.dhakatribune.com/bangladesh/environment/2017/05/06/norway-excludes-indias-bhel-rampal-power-plant/.
59. ↑ AFP (5 May 2017). "Norway wealth fund drops BHEL from its portfolio over environmental concerns". livemint.com. http://www.livemint.com/Industry/e25F6phcfIHlyMSaPlglXP/Norway-wealth-fund-drops-Bhel-out-of-its-portfolio-over-envi.html.

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