India confirms sale plan for BEML

09 July 2019

Indian Defence Minister Rajnath Singh has reaffirmed plans to divest a 26% stake in state-owned defence company BEML Limited, formerly Bharat Earth Movers Limited.

Singh indicated that the strategic sale of the stake in BEML is in progress and has not been shelved despite the government stating in 2018 that the sale had been postponed due to “due diligence requirements”.

In comments to parliament on 8 July, Singh said, “The government has given in principle approval for [the] strategic disinvestment of BEML to the extent of 26% out of the government shareholding of 54.03%, with transfer of management control to strategic buyer.”

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