Shares in BEML, which makes rail coaches, spare parts and mining equipment, have been volatile since the Karnataka state election results.

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DK Hota, chairman of Bengaluru-based BEML spoke to CNBC-TV18 about the divestment process and outlook for fiscal 2019.

Hota said the government is yet to make a final decision on reducing its stake in the firm. The government holds 54.03 percent stake in the firm.

“The government has a divestment target of Rs 80,000 crore but any further details would be best answered by the ministry of DIPAM (Department of Investment and Public Asset Management),” he said.

Talking about the outlook for the company, he said the current orderbook stands Rs 6,700 crore and that he expects substantial orders throughout the year. The company is expected to deliver revenue growth of 30 percent in FY19, said Hota.

BEML expects Rs 1,800-1,900 crore revenue from railways and metros businesses, and defence is also showing significant ramp up in FY19, said Hota. “Look to increase spare sale in defence from Rs 150 crore in FY18 to Rs 450 crore in FY19”.