No hurry for BHEL FPO: Praful Patel - Indian IPO Blog

Tuesday, September 27, 2011

No hurry for BHEL FPO: Praful Patel

Union Heavy Industries & Public Enterprises Minister Praful Patel has said that the Government is in no hurry to divest the planned 5% stake in Bharat Heavy Electricals Limited (BHEL) and that the same would hit the streets when the market conditions improve.

Mr. Praful Patel stated "In the current market situation, I don't think the Bhel issue will go ahead. It will go ahead at the right time, when the market improves. We have given an in-principle approval, (but) that does not mean we have given the timing"

Bharat Heavy Electricals Limited, the electrical equipment heavyweight, is planning to come up with a Follow-on Public Offer (FPO) in line with Government's divestment plans. The Cabinet Committee of Economic Affairs (CCEA) has approved disinvestment of 5% paid up equity of Bharat Heavy Electricals (BHEL) through a Follow-on Public Offer (FPO)

Bharat Heavy Electricals Limited (BHEL) is the largest engineering and manufacturing enterprise in India in the energy-related/infrastructure sector, today. BHEL was established more than 40 years ago, ushering in the indigenous Heavy Electrical Equipment industry in India. The company has been earning profits continuously since 1971-72. BHEL caters to the core sectors of the Indian Economy, viz. Power, Transmission, Industry, Transportation, Renewable Energy, Oil & Gas and Defence. BHEL's operations are organised around three business sectors, namely Power, Industry - including Transmission, Transportation and Renewable Energy - and Overseas Business

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