India seeks EoI for stake in state-run BEML

India seeks EoI for stake in state-run BEML

By Ronojoy Mazumdar

India is inviting expressions of interest in a 26% stake in state-owned defense and engineering company BEML Ltd., the company said in an exchange filing on Saturday.

The government is looking to cut its 54% holding in the firm as part of Prime Minister Narendra Modi’s privatization drive, which will also see management control shift to the successful bidder. The sale will be done through open competitive bidding, and interested bidders must submit an expression of interest by March 1, according to the filing.

SBI Capital Markets Ltd. is the transaction adviser. Shares of BEML slipped 1.5% last year, underperforming the benchmark S&P BSE Sensex, which jumped 16%.

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