Bharat Heavy Electricals Ltd. received a Letter of Intent from Rajasthan Part I Power Transmission Ltd. to design and execute the High Voltage Direct Current link along with associated AC substations to transmit renewable energy from Bhadla III (Rajasthan) and Fatehpur.
BHEL has received the LOI in consortium with Hitachi Energy India Ltd., according to an exchange filing on Sunday.
As part of the project, BHEL will establish two HVDC LCC terminal station of 6,000 MW at Bhadla (Rajasthan) and Fatehpur (UP), and an over 800 kV HVDC LCC terminal station (4X1500 MW) from Bhadla III and Fatehpur, along with associated AC substations.
The project has to be completed by 2030, the filing said.
Rajasthan Part I Power Transmission is a special purpose vehicle of Adani Energy Solutions Ltd.
BHEL's third quarter net profit more than doubled, beating analysts' estimates.
The power equipment manufacturer's bottom line rose to Rs 135 crore during the October–December period from Rs 60.3 crore in the year-ago period, according to an exchange filing on Tuesday. The consensus estimate of analysts tracked by Bloomberg was Rs 121 crore.
The uptick in revenue was due to a 32% growth in both of its segmental revenues — power and industry. BHEL's Ebitda growth was on the back of higher top-line growth and inventory reversal of Rs 310.7 crore.
The company's net-profit growth was due to the trickle-down effect of higher revenue and Ebitda growth.
On Friday, the company's shares closed 0.95% lower at Rs 202.85 per share on the BSE, compared to a 0.25% decline in the Sensex.
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