New Delhi, Jan 3 (IANS): The government has invited expressions of interest (EoI) for the strategic sale of 26 per cent stake in BEML.

BEML is a 'Miniratna' Category-1 Public Sector Undertaking, under the administrative control of Ministry of Defence (MoD). The government currently holds 54.03 per cent stake in it.

"GoI proposes to disinvest its equity shareholding of 26 per cent in BEML out of its shareholding of 54.03 per cent by way of strategic disinvestment to investor(s) along with transfer of management control," BEML said in a regulatory filing.

The Centre appointed SBI Capital Markets Limited (SBICAP) as its transaction advisor to advise and manage the strategic disinvestment process.

The filing said that the disinvestment process is to be implemented through open competitive bidding route.

Interested bidders who meet the requirements as per the preliminary information memorandum may submit their EOIs on or before 5 p.m. of March 1, 2021.

Incorporated on May 11, 1964, BEML operates under three major business verticals -- mining and construction, defence, and rail and Metro.