DIPAM, NITI Aayog agreed on proposal of incorporating BEML subsidiary PSU NEWS

BEML said DIPAM and NITI Aayog have agreed to the proposal of incorporation of a wholly-owned arm for the demerger of surplus land and asset as part of BEML's strategic disinvestment process.

 

DIPAM, NITI Aayog agreed on proposal of incorporating BEML subsidiary
BEML serves the country's core sectors like defence, rail, power, mining, and infrastructure.

 

New Delhi: BEML on Saturday said DIPAM and NITI Aayog have agreed to the proposal of incorporation of a wholly-owned arm for demerger of surplus land and asset as part of BEML's strategic disinvestment process. "Ministry of Defence...conveyed that Department of Investment and Public Asset Management (DIPAM) and NITI Aayog have concurred to the proposal of incorporation of a wholly-owned subsidiary of BEML for demerger of surplus land and asset as part of BEML's strategic disinvestment process undertaken by Government of India," BEML said in a regulatory filing.

BEML, formerly Bharat Earth Movers, was established in May 1964 as a Public Sector Undertaking for manufacturing rail coaches and spare parts and mining equipment at its Bangalore complex. The company has partially disinvested and presently the government owns 54 percent of total equity and the rest 46 percent is held by the public, financial institutions, foreign institutional investors, banks and employees. 

BEML serves the country's core sectors like defence, rail, power, mining, and infrastructure./PTI



Posted Date :  12-06-21

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