SBI Capital Markets Limited (SBICAP) will be the Transaction Advisor to advise and manage the strategic disinvestment process.
The central government has announced its decision to disinvest 26 percent out of its total 54.03 percent stake in the state-owned defense and engineering company BEML Ltd, the company said in a press release on January 2.
As part of Prime Minister Narendra Modi’s privatisation drive, the government is seeking expressions of interest to cut its stake in the company, which will also see management control shift to the successful bidder. SBI Capital Markets Limited (SBICAP) will be the transaction advisor to advise and manage the strategic disinvestment process.
According to the press release, the sale will be done through an open competitive bidding route where interested bidders will be required to submit an expression of interest by March 1.
BEML is a Miniratna Category-1 Public Sector Undertaking, under the administrative control of the Ministry of Defence (MoD). The company was incorporated on May 11, 1964. It operates under 3 major business verticals – Mining & Construction, Defence, and Rail & Metro.