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Govt invites initial bids for 26% stake in state-run BEML

By Reuters

  • 04 Jan 2021
Govt invites initial bids for 26% stake in state-run BEML
Credit: 123RF.com

India has invited initial bids from private firms for a 26% stake in state-owned defence and engineering company BEML Ltd, the government said on Sunday.

The government holds just over 54% of the company and plans to give up management control to a private bidder.

It is part of plans by Prime Minister Narendra Modi's government to privatise state-run companies including Bharat Petroleum Corporation Limited, Container Corp. of India, Shipping Corp of India and national carrier Air India.

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The government has appointed SBI Capital Markets Limited as its transaction adviser for the proposed divestment of the BEML stake.

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