Government To Soon Invite Financial Bids For Selling 26% In BEML
The government in January 2021 invited preliminary bids for selling 26% stake in BEML along with the management control. .
The government may soon invite financial bids for strategic sale of defence PSU BEML after its non-core business got listed on the bourses last month.
In January 2021, the government invited preliminary bids for selling 26% stake in BEML along with the management control. It received multiple expressions of interest for the sale.
Following that, in October last year, BEML demerged its non-core businesses into BEML Land Assets and listed the new company on the bourses on April 19.
“The listing of land and other non-core assets is complete. Now we will soon invite financial bids for the core assets, which is construction and defence related,” an official told PTI.
BEML is a diversified company supplying product, services and support to defence & aerospace, mining & construction, and rail & metro for clients within and outside India.
The government currently holds 54.03% stake in BEML, which is a public sector undertaking under the defence ministry.
At the current market price, sale of the government's 26% in BEML will fetch around Rs 1,500 crore to the exchequer. In 2016, the Union Cabinet had approved the strategic disinvestment along with transfer of management control, of the company.