State-run power equipment maker Bharat Heavy Electrical Ltd (BHEL) is diversifying into power transmission equipment manufacture and expanding overseas in a bid to emerge a stronger global player in the power sector.
BHEL said it would soon finalise a global technology partner for the proposed joint venture to manufacture power transmission equipment.
"The power transmission equipment (manufacturing) joint venture will be in place in the next three months, we are in talks with some international players," B P Rao, who assumed charge as CMD of the company, said at a press conference.
He said the joint venture would manufacture 765 kilovolt (KV) and 1200-KV transmission equipment.
BHEL is also planning overseas acquisitions in a bid to gain new markets and technologies as it diversifies into areas such as transmission, transportation and nuclear power, Rao said, adding that the company is focusing on Europe and the former Soviet republics.
"Acquisitions used to be viewed to acquire intellectual property rights or to acquire a market," Rao said, adding, "We're looking at opportunities for satisfying one of those needs."