BHEL Rises On Largest-Ever Export Order From Bangladesh
EXIM Bank has extended a term loan of $1.60 billion for the project.
Shares of state-owned Bharat Heavy Electricals Ltd. (BHEL) rose as much as two percent to Rs 180.45 during late morning trade on Tuesday, after the engineering and manufacturing company bagged its largest-ever export order from Bangladesh.
The Rs 10,000-crore order for setting up the 1,320 megawatt (MW) Maitree Super Thermal Power Project was secured from Bangladesh India Friendship Power Company (BIFPCL), during Bangladesh Prime Minister Sheikh Hasina's visit to India earlier this month, according to BHEL’s filing to the stock exchanges.
BIFPCL is a 50:50 joint venture between NTPC Ltd. and Bangladesh Power Development Board (BPDB).
The Export-Import Bank of India (EXIM Bank) indicates that it has extended a term loan of $1.60 billion for financing the project on turnkey basis at Rampal in the Bagerhat district of Bangladesh, the bank said in a separate statement on its website.
BHEL will design and construct two 660-MW super critical turbines for the power plant. State of the art technologies have been selected for this project to make it an environment-friendly project, the company said in its filing.
Earlier, BHEL has set up one 100-MW and two 120-MW plants in Bangladesh besides setting up 220 KiloVolt (KV) substations.
The company’s shares were trading 1.42 percent higher at Rs 178.70 apiece at the BSE at 2:14 pm.