The government is planning to very soon invite financial bids for strategic sale of defence PSU Bharat Earth Movers Limited after its non-core business got listed on the bourses last month. The government invited preliminary bids in January 2021 for selling 26 percent stake in BEML along with the management control. It received multiple expressions of interest for the sale.
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 said.
The government currently holds 54.03 percent stake in BEML, which is a public sector undertaking under the defence ministry. At the current market price, sale of the government's 26 percent stake in BEML will fetch around Rs 1,500 crore to the exchequer.
The Union Cabinet had in 2016 approved the strategic disinvestment along with transfer of management control of the company.
