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

  • Reuters
  • Stock Market News
India invites initial bids for 26% stake in state-run BEML

NEW DELHI, Jan 3 (Reuters) - India has invited initial bids from private firms for a 26% stake in state-owned defence and engineering company BEML Ltd BEML.NS , 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 BPCL.NS , Container Corp. of India CCRI.NS , Shipping Corp of India SCI.NS and national carrier Air India.

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

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