Bharat Heavy Electricals Ltd (BHEL) plans to acquire Bharat Heavy Plates and Vessels Ltd (BHPVL) to augment its power-equipment manufacturing capacity. The decision is likely to be taken by the first half of next fiscal. Visakhapatnam-based BHPVL manufactures combustion systems, including industrial boilers and fired heaters, cryogenic systems, multi-player vessels, LNG import terminals and other utility systems to be used by power-generation units.
BHEL is looking for more domestic acquisitions in the engineering space. India plans to add about 78,000 MW of electricity in the 11th plan period. The country currently generates 141,000 MW of electricity annually through the use of coal, water, gas and other means. BHEL will spend Rs 4,200 crore to augment its capacity to make equipment to generate 15,000 MW of electricity by 2009, from the current 10,000 MW.
BHEL’s current order book is valued at Rs 82,000 crore, which is to be executed over the next three years. The company is also exploring international markets like West Asia and Africa for selling gas turbines and transformers.
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The estimated farm loan waiver is about Rs 60314 crore, inclusive of total waiver amounting to Rs 50524 crore to small and marginal farmers and Rs 9790 crore as OTS to other farmers. Of the total, 55% will be for borrowings through cooperatives, 35% for borrowers from scheduled commercial banks (SCB) and 10% for borrowers from Regional Rural Banks (RRB).
The government will provide funds to the lending institutions over a period of 36 months from July 2008 to June 2011. Between July 2008 and June 2009, the government will provide Rs 25000 crore. The balance Rs 35000 crore will be provided in the next three budgets at Rs 15000 crore in Budget 2009-10, Rs 12000 crore in Budget 2010-11 and Rs 8000 crore in Budget 2011-02.
The Government will disburse Rs 25000 crore to lending institutions in July-August 2008 and another Rs 15000 crore in June-July 2009. In the process, about Rs 40000 crore, representing two third of the relief package will be released by August 2009. But the payment package would frontloaded in favour of cooperative institutions and RRBs that are typically more liquidity constrained than scheduled commercial banks. The amount will be funded by government from Tax revenues, non tax revenues, non debt capital receipts and additional borrowing, in the same order. Banks may actually stand to gain, atleast on books, to the extent of NPAs provided, as these can now be written back, as it will be paid by the government.
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