In January this year, the Central Government had invited expressions of interest (EoI) for the strategic sale of 26 per cent stake in Bharat Earth-Movers (BEML). The Government currently holds 54.03 per cent stake in BEML, a 'Miniratna' category 1 PSU, under the Ministry of Defence. The Centre appointed SBI Capital Markets (SBICAP) as its transaction advisor to advise and manage the strategic disinvestment process.

Earlier, interested bidders were told to submit their EoIs on or before March 1. However, the Government recently extended the deadline for submitting preliminary bids till March 22. The eligibility criterion for a bidder was that the company must have a minimum net worth of Rs 1,400 crore.

The secretary of the Department of Investment and Public Asset Management tweeted, “Multiple EoIs are received for the privatisation of BEML. The transaction will now move to the second stage.”

As per the sources, Tata Motors, Mahindra and Mahindra and Ashok Leyland are among six companies that is looking to buy a 26% stake in BEML. According to the sources, other companies that may also submit EoI for the government’s stake in BEML are Bharat Forge and Megha Engineering and Infrastructure.

BEML was one of the 23 PSUs that were approved for disinvestment in July last year. A cumulative disinvestment target of Rs 2.10 lakh crore was set. Incorporated on May 11, 1964, BEML operates under three major business verticals – mining and construction, defence, and rail and metro.