The government has invited financial bids for the BEML stake soon. According to people in the know, this might happen as early as this week or the next.

Share Market Live

NSE

The government is going to invite financial bids for a 26 percent strategic stake sale and once the financial bids are invited, the transaction moves on to the second stage.

BEML reported a strong fourth quarter with revenue up almost 70 percent year-on-year (YoY). The company has also received regulatory approvals for the incorporation of its wholly-owned subsidiary.

At this stage, the government hasn’t given up on its divestment aim of Rs 1.75 lakh crore in this fiscal although only Rs 8,000 crore are in the kitty so far.

NITI Aayog Vice-Chairman Rajiv Kumar last month had said that the economy will register double-digit growth in the current fiscal and the disinvestment climate also looks better.

Bids will also be invited for Air India, BPCL and Pawan Hans soon too.

Meanwhile, to bring parity in the FDI treatment of private and government-owned oil refiners, the cabinet is likely to clear a 100 percent FDI for PSU oi manufacturing companies (OMCs). This will enable the privatisation of BPCL.

Watch the accompanying video for more.

(Edited by : Abhishek Jha)

First Published:Jul 22, 2021 1:12 PM IST