BHEL readies $2bn war chest for global buys

Bharat Heavy Electricals (BHEL), the country's largest power equipment supplier, today said it is ready with a war chest of up to Rs 10,000 crore (about $2 billion) for takeovers in the US and Europe and for expansion in those countries.

"We are scouting for suitable companies in niche technology. If we go for three-four acquisitions and subsequent expansion in the next few years, we would require at least Rs 8,000-10,000 crore," A K Puri, chairman and managing director of BHEL, said in an interview.

The state-run major has amended its article of association recently for the purpose, Puri added.