Government receives multiple EoI for the privatization of BEML

The government has received multiple Expressions of Interest (EoI) for Bharat Earth Movers Limited (BEML). Today was the last day for the submission of EoIs for BEML.

The Department of Investment and Public Asset Management (DIPAM) in a tweet today said, "Multiple expressions of interest have been received for the privatization of BEML. The transaction will now more to the second stage."

Earlier, the government invited EoIs from domestic and foreign players for the strategic sale of 26 per cent of the equity stake in BEML, out of the 54.03 per cent holding it has in the company. BEML is a 'Miniratna' Category-1 Central Public Sector Enterprise under the control of the Defense Ministry. The government owns a 54.03 per cent stake in it.

DIPAM is processing the sale of the non-core assets of two strategic sale-bound PSUs - BEML and Bridge & Roof Ltd. The Cabinet had in February 2019, approved the procedure and mechanism for asset monetisation of central public sector enterprises (CPSEs)/public sector undertakings (PSUs).

For CPSEs under disinvestment, the non-core assets are to be identified before disinvestment and monetised through the framework.

"DIPAM is presently processing the monetisation of identified non-core surplus assets of BEML Ltd and Bridge & Roof Ltd earmarked for strategic disinvestment," Minister of State for Finance Anurag Singh Thakur said in a written reply to the Rajya Sabha on March 16, 2021.