NEW DELHI : At least six companies, including Tata Motors Ltd , Mahindra and Mahindra Ltd and Ashok Leyland Ltd, are looking to buy a 26% stake in state-run defence equipment maker BEML Ltd, two people aware of the developments said. Companies such as Tata Motors, Mahindra and Ashok Leyland are looking to seek control of BEML as part of their strategy to grow their defence manufacturing businesses and cut dependence on the core commercial vehicle business, which is cyclical in nature. Spokespeople for SBI Capital Markets, Mahindra and Mahindra Ltd and Ashok Leyland Ltd declined to comment. Queries emailed to the spokespeople for the finance ministry, Dipam and Tata Motors on Friday afternoon and Bharat Forge on Saturday morning remained unanswered till the time of publishing this story. The stake sales in BEML will help bolster the government’s efforts to raise funds via asset sales for the next fiscal year.

Source: Mint March 07, 2021 18:11 UTC