Centre okays 26% strategic sale in BEML -Governance Now

Centre okays 26% strategic sale in BEML

The government currently holds 54.03 percent stake in the firm

GN Bureau | January 7, 2017

#BEML #PSU

In a significant development, the government has approved 26 percent strategic sale in state-run BEML Limited, a mini-ratna (category-1) public undertaking. A notification to stock exchanges informed that the ministry of defence has approved of the strategic sale plan, reported The Economic Times.

Sources said that the stake sale may take place early next fiscal. However, employee union has opposed the move.

“The union government, ministry of defence, has given ‘in-principal’ approval of the cabinet committee on economic affairs (CCEA) of the centre, for strategic disinvestment of 26 per cent equity shares in BEML Limited,” it said in its notification to the exchanges.

The government currently holds 54.03 percent stake in the firm. “The said shareholding would be sold to the strategic buyer/s to be identified by the government of India,” the firm added.

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