BHEL, the Indian government’s heavy-engineering jewel, is in trouble

In 2012, as India was battling an economic slowdown, its government-owned power-equipment maker, Bharat Heavy Electricals Ltd (BHEL), was busy raking in a lot of money.

That year, it mopped up over Rs47,000 crore in revenue and around Rs7,000 crore in profits. It even paid a dividend of Rs3.2 per share that year, making it one of the country’s top-20 dividend payers.

But on Aug. 09, 2017, BHEL was rapped by India’s central auditor, the comptroller and auditor general (CAG), for its...

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