Soon, govt to invite financial bids for selling 26% in BEML
ECONOMY & POLICY

Soon, govt to invite financial bids for selling 26% in BEML

Given that BEML's non-core business was listed on the bourses last month, the government may shortly issue a financial request for proposals for the strategic sale of BEML. The government issued a preliminary invitation for bids in January 2021 for the sale of a 26% interest in BEML together with management control. For the sale, it got numerous expressions of interest (EoIs).

Then, in October of last year, BEML separated its non-core companies into BEML Land Assets, and on April 19, 2023, the new firm floated on the stock exchanges.

"Land and other non-core assets have been fully listed. We are currently accepting financial offers for the core assets, which are connected to the construction and defence industries, an official told PTI.

Currently, the government owns 54.03% of BEML, a defence ministry-affiliated public sector organisation.

The sale of the government's 26% interest in BEML, at the present market pricing, will bring in roughly Rs 1,500 crore for the exchequer. The strategic disinvestment and transfer of management control of the corporation were approved by the Union Cabinet in 2016.

Given that BEML's non-core business was listed on the bourses last month, the government may shortly issue a financial request for proposals for the strategic sale of BEML. The government issued a preliminary invitation for bids in January 2021 for the sale of a 26% interest in BEML together with management control. For the sale, it got numerous expressions of interest (EoIs). Then, in October of last year, BEML separated its non-core companies into BEML Land Assets, and on April 19, 2023, the new firm floated on the stock exchanges. Land and other non-core assets have been fully listed. We are currently accepting financial offers for the core assets, which are connected to the construction and defence industries, an official told PTI. Currently, the government owns 54.03% of BEML, a defence ministry-affiliated public sector organisation. The sale of the government's 26% interest in BEML, at the present market pricing, will bring in roughly Rs 1,500 crore for the exchequer. The strategic disinvestment and transfer of management control of the corporation were approved by the Union Cabinet in 2016.

Next Story
Infrastructure Transport

Locals urge CM to opt for road bypass over flyover at Dandeavaddo

Chinchinim villagers respectfully requested Pramod Sawant, Chief Minister, to instruct the Public Works Department (PWD) and the National Highway authorities to construct a road bypass instead of a flyover on the Dandeavaddo stretch of NH66. The villagers, led by Sarpanch Frank Viegas and Velim MLA Cruz Silva, also raised the long-standing issue of building the Chinchinim Panchayat Ghar and a multi-purpose project on panchayat land that was acquired more than 15 years ago. The delegation met the Chief Minister at the St. Sebastian Chapel junction in Chinchinim as he was returning home from a..

Next Story
Infrastructure Transport

MLA Yashpal Suvarna Announces Malpe-Udupi Highway Construction from Nov 6

MLA Yashpal Suvarna instructed officials to commence work on the Malpe-Udupi Highway on Wednesday. A meeting took place, attended by MP Kota Shrinivas Poojary, Udupi MLA Yashpal Suvarna, and Kaup MLA Suresh Shetty Gurme, to discuss the National Highway 169A project, which spans from Malpe to Udupi, covering areas like Hiriyadka, Parkala, and Perdur. The project had experienced delays due to incomplete land acquisition, but compensation notices have now been issued to the landowners. Of the 214 land acquisition files, 19 pertain to government land, while 195 involve private owners. Notices ha..

Next Story
Infrastructure Transport

NHAI to build flyover and underpass on Jaipur's 200-Feet bypass

Following a recent survey, the National Highways Authority of India (NHAI) decided to construct a flyover and an underpass at the 200-Feet Bypass crossing, known to be one of the city's most congested areas. The Union Ministry of Road, Transport and Highways (MoRTH) is expected to float tenders for the project in January of the following year. Once construction begins, it is projected to take approximately one and a half years to complete. NHAI plans to submit a detailed project report (DPR) within the next two months. Ajay Arya from NHAI explained that the initiative aims to alleviate tra..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000