Government to soon invite financial bids for selling 26% in BEML
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.
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.
Also Read: Daikin India becomes billion-dollar company, expect to double business in next 3 years
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.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
SBI 5-Year FD vs MIS: Which can offer higher returns on a Rs 2,00,000 investment over 5 years? See calculations
03:07 PM IST