Minister for Heavy Industries and Public Enterprises Anant Geete has asked Bharat Heavy Electricals Ltd (BHEL) to venture into electricity generation business.
Mr Geete, who visited the company's corporate office here, suggested the state-run power gear maker to explore the possibility of entering the area of power generation, an official statement by BHEL said.
"The company has already made an entry into the area by setting up joint ventures with some state Gencos (generation companies)," BHEL chief B P Rao said.
Company officials briefed the minister about the company's performance trends, diversification plans,manufacturing and R&D (research and development) capability.
Mr Geete asked BHEL to gear up for the future to face competition from the domestic as well as overseas companies, the statement said.
The minister also assured the company that he will take steps to solve issues related to projects under the different Ministries like Railways, Defence and Power.
"In view of the slowdown in the power sector, the company can step up its activities in other areas like renewables, transportation, transmission and defence," the minister said.
He added that his office will look into the issue of slow moving power projects and assured his full assistance in this regard.
Earlier this year, BHEL along with five other public sector undertakings (PSUs) had signed an initial agreement for setting up the world's largest 4,000 MW ultra mega solar power project in Rajasthan.
The Department of Heavy Industry would set up a joint venture company for executing this project worth Rs 7,500 crore in the first phase.
The joint venture company will have equity participation of 26 per cent from BHEL, 23 per cent from SECI (Solar Energy Corporation of India), 16 per cent from SSL (Sambhar Salt Ltd), 16 per cent from PowerGrid, 16 per cent from SJVNL (Satluj Jal Vidyut Nigam) and 3 per cent from REIL (Rajasthan Electronics & Instruments Ltd).