Active Stocks
Mon Mar 04 2024 15:59:52
  1. Tata Steel share price
  2. 153.10 -1.32%
  1. NTPC share price
  2. 353.80 3.50%
  1. Bharti Airtel share price
  2. 1,137.00 0.57%
  1. Larsen & Toubro share price
  2. 3,643.95 -0.28%
  1. Power Grid Corporation Of India share price
  2. 294.45 2.63%
Business News/ Companies / News/  BEML bags order for the supply of high mobility vehicles to Indian Army
BackBack

BEML bags order for the supply of high mobility vehicles to Indian Army

BEML said,'Vehicles would enable armoured fighting vehicles,troops, ammunitions and stores to be moved to far-flung, difficult terrains in operational areas'
  • BEML is involved in sectors like defence, rail, power, mining and infrastructure
  • FILE PHOTO: An Indian Army convoy moves along a highway leading to Ladakh. (Photo: Reuters)Premium
    FILE PHOTO: An Indian Army convoy moves along a highway leading to Ladakh. (Photo: Reuters)

    BEML Limited, one of the Defence equipment manufacturer and a ‘Schedule A’ Company under the Ministry of Defence (MoD) received orders from MoD for supply of High Mobility vehicles, at an approximate value of 758 crore.

    The company in a regulatory filing said," These High Mobility vehicles would play a key role in the logistics management of the Indian Army leveraging on its exceptional cross country capabilities."

    These vehicles would enable armoured fighting vehicles,troops, ammunitions and stores to be moved to far-flung, difficult terrains in operational areas.

    The equipment will be manufactured at BEML's Palakkad Plant in Kerala and would supply the vehicles to Indian Army in a span of one year.

    BEML is involved in sectors like defence, rail, power, mining and infrastructure.

    The government on Sunday invited preliminary bids for strategic sale of 26% stake along with transfer of management control in defence PSU BEML.

    "Govt has issued the PIM/EOI for disinvestment of 26 per cent equity share capital of BEML Ltd along with transfer of management control. Disinvestment will be through a two stage competitive bidding process," DIPAM Secretary Tuhin Kanta Pandey tweeted.

    Bidders can submit their Expression of Interest (EoI) for buying the stake in BEML by March 1, as per the Preliminary Information Memorandum (PIM) issued by the Department of Investment and Public Asset Management (DIPAM).

    At the current market price, a 26 per cent sale could fetch about 1,000 crore to the exchequer. Shares of BEML closed at 974.25, on Friday. BEML is involved in sectors like defence, rail, power, mining and infrastructure. The company's total revenue from operations was 3,028.82 crore in fiscal 2019-20. SBI Capital Markets has been appointed as the advisor by the Government of India (GOI) for advising and managing the proposed strategic disinvestment of BEML.

    BEML has an order book of 9,795 crore as on March 31, 2020. The government has 'in-principle' decided to disinvest 26 per cent stake of BEML through strategic sale with transfer of management control. The government holds 54.03 per cent stake in the company.

    The stock lost 1.41% to close at 992 at the BSE

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Published: 05 Jan 2021, 06:35 PM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App

    Chat with MintGenie