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 per cent stake in BEML along with the management control. It received multiple expressions of interest (EoIs) 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, 2023.
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 per cent stake in BEML, which is a public sector undertaking under the defence ministry.
At the current market price, sale of the government’s 26 per cent stake 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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: May 07 2023 | 10:55 AM IST