Centre To Sell 28 Per Cent Stake In BEML Through Strategic Disinvestment

Centre To Sell 28 Per Cent Stake In BEML Through Strategic Disinvestment(Picture: BEML Web)

The Centre is pressing ahead with its plan to divest 28 per cent of its stake in the state-run BEML Ltd through strategic disinvestment while retaining 26 per cent after the dilution of its shareholding, PTI reported quoting a senior company official .

“The Centre has already "initiated preparatory work for the disinvestment” PTI quoted the official.

In October this year, the Department of Investment and Public Asset Management (DIPAM) appointed asset valuers, and legal and transaction advisers for divestment

BEML has three major business domains - Mining and Construction (55 per cent of the revenue), Defence and Aerospace (15 per cent of the revenue), and Rail and Metro (30 per cent of the revenue).

“The government will divest 28 per cent of its stake in the company through strategic disinvestment and there is no plan to emerge the business verticals," a senior company official told PTI.

The Cabinet Committee on Economic Affairs has recently approved strategic disinvestment of its equity shares in five PSUs - BPCL, Shipping Corporation of India, Container Corporation of India, Tehri Hydro Development Corporation, and North Eastern Electric Power Corporation.

(With Inputs From PTI)