Bharat Heavy Electricals (NSE:BHEL, BOM:500103) submitted a corporate guarantee to the Ministry of Coal for its joint venture with Coal India, Bharat Coal Gasification and Chemicals (BCGCL), according to an Indian bourse filing on Wednesday.
Under the agreement, BHEL will be liable for up to 49% of 13.5 billion Indian rupees if BCGCL defaults on contractual obligations under the government's coal gasification promotion scheme.
Bharat Heavy Electricals owns 49% stake in the JV, while Coal India holds the remaining 51% stake.
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