Bharat Heavy Electricals Ltd

Senior Management cessation

• Type and date: Senior management cessation due to superannuation on 24 August 2026.
• Person and designation: Shri Sumeet Salhotra, General Manager & Head (COC), Corporate Office, Noida.
• Reason: Superannuated; retirement from service.
• Effective date: 24 August 2026.
• Impact: Information for record; no mention of replacement.

Senior Management Change

• Shri Sumeet Salhotra, General Manager & Head (COC), Corporate Office Noida, superannuated on 24 August 2026.

Transaction summary

• Target Company: Bharat Heavy Electricals Ltd.
• Disclosing Party: Life Insurance Corporation of India Central Office; not promoter group.
• Transaction Type: Disposal of equity shares via market sale.
• Pre-Transaction Holding: 265,128,440 shares; 7.614% (VR).
• Transaction Details: Sold 69,884,826 equity shares (2.007%); market sale.
• Post-Transaction Holding: 195,243,614 shares; 5.607% (VR).
• Date(s): 09 May 2024 to 14 Aug 2026.
• Share Capital Context: Before/After 6,96,41,26,710.00; Diluted: NA.

SCA with Hystar AS for PEM electrolyser systems

• BHEL signs Strategic Collaboration with Hystar AS for PEM electrolyser systems.
• International collaboration for PEM electrolyser systems supporting India green hydrogen projects.
• Consideration payable/receivable is confidential.
• Aims phased indigenization and local manufacturing of PEM electrolyser systems.
• Builds on July 2026 tie-up with thyssenkrupp nucera India for alkaline systems.
• Strengthens project execution and supports National Green Hydrogen Mission and Make in India.

Rating Action

• Credit rating upgrade announced by India Ratings & Research on 12 August 2026.

AGM Details

• Date and time: 5 August 2026, 10:00 AM IST.
• Mode: Video Conferencing / Other Audio-Visual Means (VC/OAVM).
• Remote e-voting window: 2–4 August 2026; eligibility cut-off: 29 July 2026.
• Attendance: 189 members present via VC/OAVM.

Resolutions and voting

• Resolution 1: Adoption of financial statements; passed with 92.24% in favour.
• Resolution 2: Dividend approved; 97.53% in favour.
• Resolution 3: Re-appointment of Rajesh Kumar Dwivedi; 89.90% in favour.
• Resolution 4: Re-appointment of Serugulathur Ramanathan; 91.99% in favour.
• Resolution 5: Board to fix remuneration of Auditors for FY2026-27; 99.74% in favour.
• Resolution 6: Ratification of remuneration of Cost Auditors for FY 2026-27; 97.53% in favour.
• Resolution 7: Appointment of Ms. Nigar Fatima Husain as Director; 84.20% in favour.
• All resolutions passed by ordinary majority.

Director Changes

• Re-appointment of Rajesh Kumar Dwivedi, retires by rotation.
• Re-appointment of Serugulathur Mahadevan Ramanathan, retires by rotation.
• Appointment of Ms. Nigar Fatima Husain as Director.

Auditors

• Board authorized to fix remuneration of Auditors for FY 2026-27.
• Cost Auditors remuneration for FY 2026-27 ratified; 97.53% in favour.

Customs penalty order – overview

• Order in Original No. 2017/2026 dated 24.07.2026 imposes demand for duty, interest, fine and penalty.
• Enforcement authority: Office of the Principal Commissioner of Customs (Air-Cargo), Chennai.
• Action relates to wrong availment of Basic Customs Duty.
• Differential Duty Rs 3,55,728.18; Interest Rs 1,87,415.15; Penalty Rs 3,85,729.
• Total fiscal implication Rs 9,28,872; includes penalty and interest.
• Penalty amount Rs 3,85,729; action is an order in original; appealable.
• Period for applicability of communication: 60 days.
• Wrong availment cited under 9026 instead of 9032.

Clarification on 1200 kV transformer development

• Statement clarifies online news about 1200 kV transformer development.
• 333 MVA 1150/400/33 kV single-phase auto transformer tested May 2011.
• Commissioning at POWERGRID National Test Station, Bina, occurred in January 2012.
• 180 MVA/1200 kV in-house testing transformer developed earlier.
• Indigenous 500 MVA/765 kV transformer developed in 2014.
• BHEL has supplied 765 kV transformers and reactors since 2014; prepared for 1200 kV since 2011.