DIPAM rejects JV proposal of BHEL with RECPDCL

Bharat Heavy Electricals Limited (BHEL) has informed that the Department of Investment and Public Asset Management (DIPAM) did not approve the proposed joint venture (JV) with REC Power Development and Consultancy Limited (RECPDCL). The board communicated this decision in its meeting on September 25, 2025, following a previous clarification issued on May 10, 2025.

The JV, initially announced in March 2024, was intended to develop utility-scale renewable energy projects across India through a special purpose vehicle. RECPDCL, a fully owned subsidiary of REC Ltd, had signed a memorandum of understanding with BHEL on March 15, 2024, to support the country’s clean energy transition objectives.