In April 2007, the top brass of Bharat Heavy Electricals (BHEL) was given a lengthy presentation on the Chinese power market by a team from equity research firm CLSA, which had just done a one-of-its-kind study of that market. The BHEL team was particularly intrigued by two facts the CLSA executives brought forward. One, China had added 100,000 MW of fresh capacity in one year. Given its output rate, BHEL would have taken more than 10 years to deliver equipment for such capacity addition. Two, over the previous five years, two to three Chinese equipment makers had quickly eaten into BHEL