Sitting on a huge cash surplus of over Rs 9,000 crore, state-owned power equipment make BHEL is keen to invest in a joint venture by picking up equity in state power projects, a move that would generate revenues and also additional business for the PSU.
"We are putting this money in joint ventures offering state generation companies equity in their power plants. It is a better way to invest money and generate business for the company," said BP Rao, chairman and managing director, BHEL.
The company has already entered into four such joint ventures in Maharashtra, Madhya Pradesh, Karnataka and Tamil Nadu. BHEL will be investing about R3,000 crore in these JVs over four years depending upon the schedule of projects.
BHEL will also keep it optional to exit from the venture after 5-6 years of commissioning by roping in a third partner, he said.