According to media reports, the government is looking to invite financial bids to sell a 26% stake in BEML after years of delaying the planned divestment.

BEML is a PSU that is involved in the manufacture of heavy machinery that is used for earth moving, mining, transport, and railways. BEML, formerly Bharat Earth Movers Limited, is Asia’s second-largest manufacturer of Earth Moving equipment and has 3 main verticals: Mining and construction, Rail, and Metro & Defence.

Plans to divest 26% out of the 54.03% held by the government have been underway since early 2021 after which several EoIs were received for the stake. After receiving such bids, the government demerged BEML’s non-core businesses and listed the same on the bourses.

According to sources, the financial bids for the Rs 1,500 crore stake were getting delayed due to Karnataka assembly elections and pending NOCs for land titles. The titles are set to be completed soon as the financial bids for the stake are set to resume soon.

At the time of reporting, the stock of BEML was trading around Rs 1,426 per share.