Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2012        Go!    
 
 
January 20, Friday 2017 11:15 AM       

       HEADLINES: Permission given to carry body of Santhosh in procession                                              Kodiyeri denies party‚Äôs role in murder                                              Divorce granted by church court can't override law: SC                                              NIA says LeT behind Uri, Handwara attacks                                              LCA Tejas to take maiden R-Day flight                                              'Jallikattu' stir spreads to Lanka, UK and Australia                                              Pak parl committee seeks fund to enhance security of FO                                              Saina, Jayaram reach quarterfinals in Malaysia Masters                                              Probably one of my best innings, says Yuvraj Singh                                              Kaumudi Facebook
       BUSINESS Next Article: NRIs can deposit old banknotes till June 30  
       Govt clears 26% stake sale in BEML
 
         Posted on :18:40:38 Jan 7, 2017
   
A A
       Last edited on:18:40:38 Jan 7, 2017
         Tags: Govt, 26% stake sale, BEML
 

NEW DELHI: The government will sell 26% stake in defence equipment manufacturer BEML, making it the first major PSU to be sold through strategic disinvestment, which may fetch the exchequer over Rs 1,000 crore.

In a notification to the stock exchanges, BEML said that the Cabinet has given an ‘in-principal’ approval for strategic disinvestment of 26% equity shares in BEML out of the government’s shareholding of 54.03%.

At the current market pricing of Rs 999.50 a share, 26% stake of BEML could fetch the exchequer over Rs 1,000 crore. After the strategic sale, the government’s stake in the PSU would come down to 28.03%.

“The said shareholding would be sold to the strategic buyer/s to be identified by the government of India by following due procedure,” BEML said.

The strategic sale approval is just the third in over 12 years. In September, the Cabinet had cleared strategic sale of Bharat Pumps and Compressors, while in December it had approved sale of India’s first pharma company Bengal Chemicals and Pharmaceuticals as well as Hindustan Antibiotics.

These PSUs will be the first privatisation since sale of Jessop and Co in 2003-04 under the NDA government headed by Prime Minister Atal Bihari Vajpayee.

These are among the public sector units that Niti Aayog has identified for sale of government's majority stake to private companies in order to bring in greater efficiency and professionalism in their functioning.

Established in May 1964, BEML operates on three major business verticals for associated equipment manufacturing — mining and construction, rail and metro and defence and aerospace. Its turnover has risen to more than Rs 3,500 crore.

The PSU, under the administrative control of defence ministry, provides equipment support to Indian Army and other defence forces by manufacturing variants of Tatra vehicle for all terrain operation.

A A
       BUSINESS
Next Article: NRIs can deposit old banknotes till June 30
 
 
BUSINESS HEADLINES
Right time to invest in India: Gadkari  
Autonomy impinged, protest RBI staff  
Will continue my association with TCS: Chandra to employees  
RBI may cut repo rate by 25 basis points in Feb: HSBC report  
SpiceJet strikes Rs 1.5 L cr deal with Boeing for 205 planes  
Retail inflation hits 3-year low of 3.41%  
TCS names Rajesh Gopinathan as MD and CEO  
Factory output grows 5.7 pc in Nov, shrugs off slowdown fears  
TCS Q3 net profit up 11% to Rs 6,778 cr  
Demonetisation, GST to make society tax compliant: Jaitley  
Patel urges govt to rein in borrowings, inflation  
GoAir firms up order for 72 A320 neo planes worth Rs 52,000 cr  
Nano project led to Gujarat as car mfg hub: Ratan Tata  
Yahoo Chief Mayer to leave company board after Verizon sale  
Auto sales at 16-yr low in Dec as demonetisation takes toll  
FM cites higher tax mop up to dismiss economic slowdown fears  
Demonetisation just a bump; India to maintain 7% growth: Cisco  
Volkswagen defies 'dieselgate' to boost sales in 2016  
'Despite demonetisation, India to grow faster than China'  
Apple cuts Tim Cook's pay as iPhone sales fall first time  
Govt clears 26% stake sale in BEML  
NRIs can deposit old banknotes till June 30  
Sensex ends 119 down after hitting 27k, IT stocks melt  
Reserve Bank unlikely to cut key rate in February: Report  
Gold maintains uptrend, hits 1-month high  
 
Azharuddin's nomination for HCA president's post was rejected. Do you agree to this?
Yes
 
No
 
Don't know
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy