BHEL Confirms Joint Venture With REC Power Development & Consultancy

BHEL confirmed on Saturday that its board has approved a joint venture with REC Power Development & Consultancy, a wholly-owned subsidiary of REC Ltd. This follows a report by Business Standard stating that REC's board had approved the joint venture.

The proposal for the joint venture is currently pending approval from the Department of Investment and Public Asset Management, BHEL said in an exchange filing. Once approved, the proposal will be resubmitted to the board for the incorporation of the joint venture and subsequent investment.