Mitsubishi Heavy Industries Delivers Replacement Steam Generators to France

Mitsubishi Heavy Industries (MHI) has completed the delivery of replacement steam generators to France. These components were ordered by EDF in 2019 following an international bidding process. MHI collaborated with Onet Technologies, its alliance partner in the French nuclear power market since 2002, on this order.

The manufacturing of these steam generators was finalized at MHI's Kobe facility in January 2024. The units received certification in late February, confirming compliance with French nuclear regulatory authority standards, before being transported to France.

Steam generators are essential for pressurized water reactors (PWRs), transferring thermal energy from the reactor's primary cooling system to the secondary cooling system. This process generates steam to power electricity generation turbines. Each steam generator measures approximately 21 meters in height and weighs about 330 tonnes. They are constructed from strong low-alloy steel and contain over 4,500 heat transfer tubes made of TT690, a nickel, chromium, and iron alloy designed for enhanced corrosion resistance.

Ongoing Supply and Operational Lifespan Extension

MHI has received orders from EDF for a total of nine replacement steam generators. The remaining six units are currently under production at MHI's Kobe facilities, with deliveries anticipated from 2028 onwards. Since 2005, MHI has supplied EDF with a cumulative total of 15 replacement steam generators, excluding the most recent delivery.

EDF operates 57 PWR plants in France. The replacement of steam generators aligns with the French government's policy to extend the operational life of nuclear power plants beyond 40 years. EDF has been systematically replacing steam generators in its PWR plants that began operations in the 1980s.

MHI has a track record of delivering over 30 replacement steam generators to international markets, including France, Belgium, and the USA. Globally, the company has received orders for more than 130 steam generators, encompassing both new installations and replacement projects in Japan.

Bonfiglioli Transmissions IPO Subscribed 47% on Day One

Bonfiglioli Transmissions Ltd's initial public offering (IPO) was 47% subscribed on its first day of bidding. The company received bids for 14,260,775 shares against 30,282,330 shares offered. The IPO is scheduled to close for public subscription on October 19, with a price band set between ₹558 and ₹586 per share.

The non-institutional investors' category saw a 76% subscription, while retail investors subscribed to 57% of their allocated quota. Qualified Institutional Buyers' (QIB) portion was 8% subscribed. Prior to the public offering, Bonfiglioli Transmissions Ltd secured ₹759.26 crore from anchor investors, including BlackRock, Goldman Sachs Asset Management, and Abu Dhabi Investment Authority.

The IPO is structured as an offer for sale (OFS) of up to 43.2 million equity shares by the promoter, Bonfiglioli S.p.A. This means the company will not receive any proceeds from the offering, as the entire amount will go to the selling shareholder. Bonfiglioli Transmissions, an Indian subsidiary of Italy-based Bonfiglioli S.p.A., produces mechanical and electro-mechanical power transmission products and industrial drive solutions, such as gearboxes, gear motors, and drive systems. These products are used in industrial and automation, off-highway mobility, and wind applications. The equity shares are expected to be listed on the BSE and NSE on October 23.

Gujarat Energy Limited and GSPL Transmission Limited Pay Record Dividend to Gujarat Government

Gujarat Energy Limited (GEL) and GSPL Transmission Limited (GTL), both state government undertakings, have remitted a record dividend of ₹384.67 crore to the Gujarat government for the financial year 2025-26. This marks the highest dividend payment received by the state from any state-owned enterprise in a single financial year.

The dividend follows the implementation of a Scheme of Arrangement on May 1, 2026. Under this scheme, Gujarat Gas Limited was renamed Gujarat Energy Limited after the integration of Gujarat State Petroleum Corporation. Additionally, the gas transmission business of Gujarat State Petronet Limited (GSPL) is now operated by GSPL Transmission Limited (GTL).

This corporate restructuring increased the Gujarat government's direct shareholding in both GEL and GTL to approximately 38%. Previously, the state held about 6% in Gujarat Gas Limited and no direct shareholding in GSPL Transmission Limited. The increased shareholding contributed to the higher dividend payout, with GEL paying ₹324 crore and GTL contributing ₹60.67 crore.