Government to invite financial bids for selling 26% in BEML

New Delhi: Centre is likely to invite financial bids for the strategic sale of defence public sector undertaking, Bharat Earth Movers (BEML), a media report has claimed.The company's non-core business was enlisted on the bourses in April last month.

In January 2021, the government had made preliminary bids for selling a 26 per cent stake in BEML along with the management control. The bid had received multiple expressions of interest (EoIs) for the sale. 

In October 2022, the DPSU demerged its non-core businesses into BEML land assets and listed the new company on the bourses on 19 April 2023.  The report quoted officers to claim that the listing of land and other non-core assets are complete and soon financial bids for the core assets under construction and defence will be initiated. 

BEML is a diversified company supplying products, services and support to defence and aerospace, mining and construction, and rail and metro for clients within and outside India. It is considered the second-largest manufacturer of earth-moving equipment. 

The government currently holds a 54.03 per cent stake in BEML and its market price sale of the government's 26 per cent stake will fetch around Rs 1,500 crore to the exchequer.

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