NEW DELHI: Government has kick-started the process of strategic sale of 26 per cent equity in BEML , inviting bids from advisers on the issue.The selected adviser would be required to manage the bidding process and assist government in fixing the range of the fair reserve price while considering the valuation of BEML -- the heavy equipment maker with presence in various sectors including defence. "The Government proposes to engage Transaction Adviser from a reputed professional consulting firm, investment bankers, merchant bankers, financial institutions, banks. For providing Advisory services and managing the disinvestment process," the Department of Investment and Public Asset Management (DIPAM) said while inviting bids.Government holds 54.03 per cent in BEML and it intends to sell 26 per cent stake to strategic buyers. Its turnover has risen to more than Rs 3,500 crore.The PSU, under the administrative control of defence ministry, provides equipment support to Indian Army and other defence forces by manufacturing variants of Tatra vehicle for all terrain operation.It also supports the aerospace operations by supplying ground support equipment such as Aircraft Towing Tractor, Multi Purpose Weapon Loader and Crash Fire Tender.The government is targeting Rs 56,500 crore in disinvestment proceeds this fiscal. Of this, Rs 36,000 crore is to come from minority stake sale in PSUs and another Rs 20,500 crore from strategic stake sale.

Source: Economic Times January 20, 2017 16:35 UTC