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Home News Power Sector News MOU signed for BHEL- KEL joint venture

MOU signed for BHEL- KEL joint venture

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KELPower equipment maker Bharat Heavy Electricals on 03-02-2009 signed an MOU with Kerala Electrical & Allied Engineering Company Ltd for forming a joint venture which will focus on core sectors and supply products to engineering giants -- Siemens and General Electric.The MoU was signed here by KEL MD B Jyothikumar and BHEL MD K Ravi Kumar in the presence of Minister for Heavy Industries and Public Enterprises Santosh Mohan Dev and Minister of State for Power Jairam Ramesh.

The MoU envisages delinking of the Kasaragod unit of KEL to form a separate company.BHEL is expected to invest about Rs 25 crore in this JV company, KEL said in a statement.After the MoU, the valuation of the assets of KEL, Kasargod will be done by a reputed financial institution to be selected by mutual agreeent between KEL and BHEL.KEL’s product includes high frequency alternators, frequency convertors, special alternators and power packs for missile projects.
" BHEL will provide necessary technical and managerial support to the joint venture," BHEL CMD K Ravi Kumar told reporters here after signing a memorandum of understanding with Kerala government-run KEL in the presence of Minister for Heavy Industries and Public Enterprises Santosh Mohan Dev. The JV will cater to core sectors such as transportation, renewable energy and some other industries by manufacturing a specific range of products, Ravi said, ading it would also manufacture products for railways and other industries.

" This 50:50 joint venture company with KEL would supply wind electricity generators to General Electric and Siemens," Ravi said. Some of the equipment for this JV company would be manufactured at our unit in Bhopal, he said without divulging further details regarding the joint venture.

Oil rigs and locomotives are likely to be manufactured at KEL Kasaragod unit in Kerala. The turnover of this JV company is expected to touch Rs 60 crore by the end of next financial year. "I am sure that the alliance between BHEL and KEL will bring out the best products which can help Indian Railways and Industry and be a vehicle of growth for both organisations,"Dev said.


 

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