BHEL in business alliance with Spain's Abengoa for solar projects

16 Aug 2011

Bharat Heavy Electricals Limited (BHEL) and Spain's Abengoa are jointly exploring business opportunities to set up projects against customer orders.

BHEL and the Spanish company had signed a memorandum of understanding (MoU) in January 2011 for possible joint development and implementation of concentrating solar power (CSP) projects in India through engineering, procurement and construction (EPC) contracts against customer orders.

The MoU between BHEL and the Spanish company is mainly a business co-operation agreement for leveraging capabilities of both the organisations in offering EPS solutions for CSP projects, and does not involve financial transaction by way of payment of royalty, minister of heavy industries and public enterprises Praful Patel informed the Rajya Sabha in a written reply.

BHEL has been ranked the Ninth Most Innovative Company in the world by US business magazine Forbes. BHEL is also the only Indian engineering company on the list, and is ranked much higher than similar multinational companies in the power equipment field.

Not only does the ranking reflect the innovativeness of the companies, it also recognises the role of the innovative CEOs that have woven the code for innovation into their companies. The list uses the 'innovation premium' to rank the world's most innovative companies. It is the premium the market gives a company because investors expect it to generate even bigger income streams in future.

Embedded in each of these companies is a code for innovation, discernible in their people, processes and philosophies, what is referred to as a '3P' framework for understanding the DNA of innovative organisations. The study also recognises the CEO that fully grasps how to embed the 3Ps deeply into a company's culture to create a powerful, positive innovation premium, setting him apart from other CEOs.