BUSINESS

Tata Motors Among Big Firms Shortlisted to Bid for BEML

Ashok Leyland Ltd, Bharat Forge Ltd, Tata Motors Ltd and Hyderabad-based Megha Engineering and Infrastructure Ltd (MEIL) are big bidders shortlisted to buy a 26 per cent stake in state-run defence equipment maker BEML Ltd, said two people aware of the matter.

Others who made it to the shortlist could not be ascertained immediately. These four companies, among others, had submitted expressions of interest (EoIs) to purchase the government’s stake in BEML. After selection, they issued the request for proposal (RFP) document and given access to BEML’s data room and production sites, said one of the two people cited above said, requesting anonymity.

BEML, the maker of military hardware such as the Prithvi missile launcher, operates in three primary business segments are defence and aerospace, mining and construction, and rail and metro. It has nine plants across Bengaluru, Kolar Gold Fields, Mysuru, Palakkad, and Chikkamagaluru.

Stock Covered in the news

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