Latest News | BHEL, Nuovo Pignone International Join Hands to Bid for Compressors Train Revamp Projects

New Delhi, Apr 9 (PTI) State-owned BHEL on Wednesday said it has signed an agreement with Italy-based Nuovo Pignone International s.r.l, to bid for compressors train revamp business opportunities in the fertiliser sector in India.

Nuovo Pignone International will be the nominated vendor to Bharat Heavy Electricals Limited (BHEL) through the subject Memorandum of Understanding (MoU) with a definite scope of work, according to a regulatory filing.

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According to the filing, the agreement will continue for a period of 10 years from the effective date, i.e. April 9 or until such time both the parties consent to continue, whichever is earlier.

BHEL explained that the strategic tie-up for business sharing with Nuovo Pignone International is for addressing compressor revamp opportunities in fertilizer sectors in India, the filing added.

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On the rationale behind the move, the partnership is expected to improve BHEL's market share in the fertilizer sector R&M (Renovation and Modernisation) business.

"BHEL will be able to address compressor revamp opportunities in fertilizer sector in India...with approx. business share of 50 per cent in financial terms," the company said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)