Bharat Heavy Electricals Ltd said on Tuesday that the company will spend Rs 500 crore to set up new power equipment fabrication plant at Bhandara in Maharashtra.
BHEL Chairman B.P. Rao said that the land acquisition process is in advanced stages of completion and the construction of the factory will start now.
"BHEL intends to start production in this factory in 24 months from the completion of land acquisition activity. BHEL is hopeful that the turnover from this new plant will progressively rise to approximately Rs 1,000 crore. The factory will be actively supported by BHEL’s manufacturing unit at Tiruchi. BHEL’s other units at Bhopal, Haridwar, Ranipet and Hyderabad will also extend full support through their fabrication works," the public sector company said in a statement.