BHEL to invest Rs 1600 cr on modernization

Mumbai, Aug 29: The state owned power equipment undertaking Bharat Heavy Electricals Ltd(BHEL) today said it would invest Rs 1600 crore, a dollar equivalent of 4 million, to modernise its facilities and increase capacity.

Announcing this, a BHEL statement said the expansion will raise the capacity of equipments to produce a total of 10,000 megawatts, from the current 6,000 megawatts.

Further, BHEL said its plan was aimed to meet the country's power capacity addition of more than 62,000-megawatts for the five year period between 2007 and 2012.

BHEL has large accumulated reserves and surplus in addition to its leveraging capacity to raise resources from the market, it said, but gave no details. In April, its Chairman Ashok Puri stated that the company's turnover in the year to March 2007 would rise 14.5 per cent to Rs 16,500 crore and reach Rs 20,000 crore by 2008-09.

UNI