Formation of BEML subsidiary gets DIPAM, NITI Aayog nod
Bharat Earth Movers Limited (BEML) told the media that the Department of Investment and Public Asset Management (DIPAM) and National Institution for Transforming India (NITI Aayog) have approved the proposal to form a wholly-owned subsidiary of BEML to demerger excess land and assets.
BEML, a Defence Public Sector Undertaking(PSU) in Bengaluru cited in a regulatory filing that the Ministry of Defence revealed about DIPAM and NITI Aayog's approval for the proposal of a wholly-owned subsidiary of BEML for the demerger of surplus land and asset as part of its strategic disinvestment process undertaken by the Government of India.
BEML is a PSU under the Ministry of India that manufactures rail coaches, spare parts, and mining equipment in Bengaluru. The company was founded in May 1964.
It has partially disinvested, with the government now possessing 54% equity and the public, financial institutions, foreign institutional investors, banks, and employees owning the remaining 46%.
BEML provides services to the country's most important industries, including defence, rail, power, mining, and infrastructure.