CBRE, JLL appointed as consultants for asset monetisation of BEML

NEW DELHI: State-owned BEML on Friday said CBRE South Asia and JLL Property Consultants (India) have been appointed as consultancy firms for monetisation of its identified assets.

“The Department of Investment and Public Asset Management (DIPAM) [..] intimated the company that CBRE South Asia Pvt Ltd and JLL Property Consultants (India) Pvt Ltd have been appointed as consultancy firms for monetisation of identified assets of BEML Ltd,” the PSU said in a filing to BSE.

The Centre is likely to sell 28 per cent stake in BEML Ltd through strategic disinvestment and retain 26 per cent after the dilution of its shareholding in the public sector undertaking (PSU), a senior company official had earlier said.

The government currently holds 54.03 per cent stake in the persified engineering company.

The Cabinet Committee on Economic Affairs had in October 2016 given in-principal approval for strategic disinvestment of 26 per cent equity shares in BEML Ltd.

BEML, a mining equipment maker, has persified into manufacturing of rail coaches and defence production that already accounts for almost half of its current topline, the official had said.

Shares of BEML were trading at Rs 962.60 apiece on BSE.