Updated Dec 29, 2020 | 20:00 IST
ET Now learns that Cabinet Secretary led panel has decided that the land parcels of BEML will be sold separately. Representational Image
New Delhi: The privatisation process for defence PSU BEML gathers steam as the Cabinet Secretary led core group on disinvestment has given a nod for the expression of interest, ET Now learns.
The panel met on Monday to finalise the strategic stake sale of BEML, four years after the cabinet approved its strategic divestment.
The Cabinet had approved the strategic sale of BEML by divesting 26 per cent of the government stake in 2016. At present, the government holds 54.03 per cent in the defence public sector undertaking.
Express News Service
NEW DELHI: Disinvestment intentions both strategic and non-strategic seem unfazed by the Covid-19 pandemic as the government is gearing up to invite expressions of interest (EoIs) for ITDC, BEML, Concor and Neelachal Ispat Nigam Ltd (NINL) in the next few days.
While the coronavirus pandemic has put hurdles on the government’s ambitious Rs 2.1 lakh crore divestment plan for this fiscal, officials say such activities would remain at high levels starting early next year.
According to the sources in the finance ministry, there is a meeting on December 30 to decide on the final terms and conditions of EOI of India Tourism Development Corporation (ITDC)’s sale of Ashoka Hotel, which will be followed by another meeting for BEML.
Divestment Plan Back On Track; BEML, ITDC Next On Agenda moneycontrol.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneycontrol.com Daily Mail and Mail on Sunday newspapers.
Shares of state-owned hotel company India Tourism Development Corporation (ITDC) and defence firm BEML rallied up to 17 per cent on the BSE in Thursday s session on the back of heavy volumes following a report that the government could invite expression of interest (EoI) for divestment in these public sector companies. Over the next few weeks, the department of investment and public asset management (DIPAM) will finalise the process of strategic sale of several public sector undertakings (PSUs) including BEML, India Tourism Development Corporation (ITDC) and Central Electricity Corporation,
Moneycontrol reported quoting sources. Among individual stocks, ITDC rallied 17 per cent to its 52-week high of Rs 354 on the BSE. Trading volumes on the counter jumped seven-fold with a combined 2.6 million equity shares changing hands on the NSE and BSE till the time of writing of this report.