BEML

The BEML's demerged non-core businesses entity, BEM Land Assets Ltd, is expected to be listed in the next one month, a step toward divestment of the engineering major. The government seeks strategic divestment of 26 per cent post BEML demerger process of non-core assets. "Listing of demerged land company will be in a month's time. The valuation process is on. After listing, disinvestment process will be started," BEML chairman and managing director Amit Banerjee said. He was speaking on the sidelines of CII-organized Global Mining Summit 2022. He told PTI that the main assets of the demerged entity will be some total 550 acre of prime land in Bangalore and Mysore. The existing BEML shareholders have been given shares in the new demerged entity in a 1:1 ratio. State-owned BEML was focusing on defence and the metro railway business. Banerjee also mentioned that BEML, which currently has a 90 per cent localisation rate for defense trucks, in light of the government's outlook on mak

The government is likely to invite financial bids for the privatisation of BEML in the December quarter, an official said. Earlier this month, the corporate affairs ministry approved the demerger of land and non-core assets of BEML to BEML Land Assets Ltd. The official said that every shareholder of BEML will get shares in BEML Land Assets and the process of demerger would be completed by the end of September or early October. "Once the demerger process gets over by September-end or by early October, the financial bids for strategic sale of BEML would be invited," the official told PTI. The financial bids are expected in the October-December quarter and the draft share purchase agreement too would be finalised by then, the official added. In January last year, the government invited preliminary bids for selling 26 per cent stake in BEML along with the management control. Multiple Expressions of Interest (EoIs) were received by the government, after which the process of demerger w

State-owned insurance behemoth Life Insurance Corporation (LIC) reported a net profit of Rs 682.88 crore in the April-June quarter (Q1) of FY23, driven by its non-par business.

BEML will soon list its land holding company on the exchanges after receiving the corporate ministry's approval

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In the scheme for demerger of non-core assets announced by SCI, certain changes, including extra surplus cash, had to be approved, the official said

BEML Limited has signed a Memorandum of Understanding (MoU) with RITES Limited, a leading transport infrastructure consultancy and engineering company, to explore and jointly bid for opportunities in the fields of Metro systems and export of rolling stock. As part of the MoU, RITES will provide expertise in design, engineering, marketing and any other support that may be required for tapping domestic and overseas opportunities while BEML will be responsible for manufacturing of customised metro coaches and rolling stock a BEML statement said. "The MoU will allow both companies to leverage each other's expertise and technologies to opitimise operations and expand on a global level," it said. It would enable BEML and RITES to jointly bid and provide the entire spectrum of services from design, manufacture to operations & maintenance for the existing and upcoming Metro systems as well as export of rolling stock and related services. "The collaboration will not only create a platform

Brickwork Ratings said it will continue to monitor the strategic disinvestment process of BEML and take appropriate rating action as and when necessary

The company has been shortlisted as qualified bidder for Shipping Corporation of India, Neelachal Ispat, and BEML

The plan to bring down the government's shareholding and the broad timeline for the sale would be shared with the ministry

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This is being done as such a move would lead to further dilution of the sovereign's stake below 28 per cent after privatisation

Coal India Limited is debating on hiking coal price for the regulated sector and may take a call soon, a senior official said

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The government will sell 26 per cent out of the total 54.03% stake it holds in the company along with transfer of management control.

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The MoD, on Monday, announced a list of 108 items of defence equipment that must be compulsorily procured from indigenous sources according to provisions in the Defence Acquisition Procedure 2020

Moody's Investors Service revised upwards its outlook on IndusInd Bank to 'stable' from 'negative' while affirming its rating