BHEL invites coronavirus-hit global firms to make in India; says, don’t make everything at one place

By: |
Updated: May 4, 2020 1:07:41 PM

BHEL has released an Expression of Interest (EOI) inviting global companies to leverage its facilities and capabilities for setting up a manufacturing base in the country.

BHEL, make in india, bharat heavy electricals limited, invest in india, assemble in indiaBHEL said that the coronavirus has highlighted the dangers of all activity being carried out at a single location. (Bloomberg image)

State-run manufacturing giant BHEL has decided to give Narendra Modi’s ‘Make in India’ program a global push and has invited multinational companies to use its facilities to carry on their manufacturing and supply chain activities. In a veiled reference to cut the risk from the concentration of manufacturing in China, BHEL said that the coronavirus has highlighted the dangers of all activity being carried out at a single location, adding that there is a need for diversification of supply chains and manufacturing. Consequently, BHEL has released an Expression of Interest (EOI) inviting global companies to partner with it.

The current move by the public sector company is in-line with the PM’s call for the increased efforts to attract global companies. In the previous week, Prime Minister Narendra Modi urged the state governments to make more efforts to attract more and more foreign companies to come and establish their base in India. Even Yogi Adityanath-led Uttar Pradesh government held a video conferencing with many giant companies and proposed them to Invest in India. The UP government also mentioned how global companies can start their operations in the states and what perk can they get by doing so.

Also Read: Record sales of fertilisers in lockdown period; govt ensures full availability before kharif sowing

Meanwhile, BHEL said that being one of the fastest-growing economies of the world and an attractive investment destination which offers strong democratic governance, a well-established judicial system, a young workforce,
one of the largest domestic markets and favourable investment policies, India is a desirable location for any foreign company. BHEL has 16 manufacturing facilities in the country with a substantial land bank as well as extensive built-up industrial, commercial and residential space.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Covid opens door to ideas new and old for a better economy
2Indian economy on course for full-year contraction: DBS
3GSTN enables new registration functionality for insolvency resolution professionals