Insta
Govt Receives Multiple Bids For BEML Privatisation; Transaction To Now Move To Second Stage
BEML (Pic Via Wikipedia)
In a boost for the government's push for privatisation, it has received multiple bids for buying its 26 per cent stake with management control in the Bharat Earth Movers Limited (BEML), reports Economic Times.
Sharing the development, the Department of Investment and Public Asset Management (DIPAM)'s Secretary Tuhin Kanta Pandey said that the transaction will now move to the second stage.
"Multiple Expressions of Interest received for the privatisation of BEML. The transaction will now move to the second stage," the DIPAM secretary said in a tweet.
It should be noted that as per the details in the preliminary information memorandum, before the company's stake sale transaction is executed, its non-core assets will be hived off by the government.
The government holds a 54.03 per cent stake in the company which manufactures a variety of heavy equipment, such as that used for earthmoving, transport and mining.
At its present-day market price, a 26 per cent stake sale in the firm could fetch about Rs 1,000 crore to the exchequer.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
