Bharat Heavy Electricals Ltd (BHEL), nation’s largest power equipment supplier has announced that company will invest an additional Rs 220 crore to upgrade production at its blade shop in Haridwar to 2.25 lakh blades by 2009.

This upgradation is part of the company's plans to increase capacity to meet the country's ambitious power generating capacity addition target in the 11th and 12th five year plans.

Bharat Heavy Electricals Ltd (BHEL) has already invested Rs 180 crore on the blade shop, set up in 2003 to produce 40,000 lakh blades.

The company has also announced that it would take over Bharat Heavy Plate & Vessels Ltd. (BHPV), Vishakhapatanam as a subsidiary and initially invest Rs. 275 crore as CAPEX apart from investing Rs. 34 crore as equity in the company.

The firm presently holds market cap worth Rs. 115,960 crore, PE Ratio of 41.49; EPS of 57.09 and BV of 359.06. The firm had showed a net profit of Rs 719 crore for the quarter ended September 2007 as against Rs. 360 crore in same quarter of last year.

The stock closed on Thursday at Rs. 2370 on NSE, down by 1% compared with previous close of Rs. 2401.