The central government has announced its decision to disinvest 26 percent out of its total 54.03 percent stake within the state-owned defense and engineering company BEML Ltd, the corporate said during a handout on January 2.
As a part of Prime Minister Narendra Modi’s privatisation drive, the govt is seeking expressions of interest to chop its stake within the company, which can also see internal control shift to the successful bidder. SBI Capital Markets Limited (SBICAP) are going to be the transaction advisor to advise and manage the strategic disinvestment process.
According to the handout , the sale are going to be done through an open competitive bidding route where interested bidders are going to be required to submit an expression of interest by March 1.
BEML may be a Miniratna Category-1 Public Sector Undertaking, under the executive control of the Ministry of Defence (MoD). the corporate was incorporated on May 11, 1964. It operates under 3 major business verticals – Mining & Construction, Defence, and Rail & Metro.