Bharat Heavy Electricals (Bhel) jumped 4.02% to Rs 23.30 after the company invited global original equipment manufacturers (OEMs) to leverage its facilities and capabilities to 'Make in India'.
In order to further promote Make in India and support international companies for setting up manufacturing in India, Bhel has floated an Expression of Interest (EOI) inviting global companies to partner with it and leverage its facilities and capabilities for setting up a manufacturing base in the country.Bhel has 16 manufacturing facilities spread across the country with substantial land bank as well as extensive built up industrial/ commercial and residential spaces. It has manpower strength of about 34,000 includes 9,000 engineers with qualifications and experience in cutting edge technologies. These facilities & capabilities along with its tie ups put Bhel in a strong position to support any international company, in setting up a base in India. The announcement was made during market hours today, 4 May 2020.
BHEL's consolidated net profit dropped 17.21% to Rs 162.67 crore in Q3 December 2019 as against Rs 196.48 crore reported in Q3 December 2018. Net sales slumped 23.33% to Rs 5,459.24 crore in Q3 FY20 over Q3 FY19.
BHEL is an integrated power plant equipment manufacturer, which is engaged in the designing, engineering, manufacturing, constructing, testing, commissioning and servicing a range of products and services for various sectors, such as power, transmission, industry, transportation, renewable energy, oil and gas, and defense.
As of 31 March 2020, the Government of India holds 63.171% stake in the company.
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