BHEL dissolves joint venture, wins significant tax appeal

Bharat Heavy Electricals Limited (BHEL) has announced the dissolution of its joint venture, Powerplant Performance Improvement Private Limited (PPIL), following an order from the National Company Law Tribunal (NCLT) dated August 29, 2025. PPIL, a venture with Siemens AG Germany, was under liquidation, and the NCLT order formally dissolves the company. The liquidation process, which began in 2018, involved the distribution of surplus funds, including INR 11,017,682 to Siemens AG and INR 8,690,729 to BHEL, after covering all professional fees and outstanding liabilities.

Concurrently, BHEL also reported receiving a favorable order from the Commissioner CGST (Appeal)/Dehradun on September 1, 2025. This order quashed a departmental appeal in a Goods and Services Tax matter, reversing a demand of INR 3,120,20,575, including interest and penalty, related to the fiscal years 2018-19 and 2020-21. This favorable ruling has no adverse financial or operational impact on BHEL.