BEML to emerge a true global player, three joint ventures planned
Bangalore, Mar 31 (UNI) Aiming high to become a true global player in Mining and construction arena, Defence public sector Bharat Earth Movers Limited (BEML) will float three joint ventures abroad besides take up contract mining within the country to be on course to achieve a Rs.5000 crore turnover by 20013-14.
BEML Chairman and Managing Director V R S Natarajan, announcing the performance of the company for 2005-06 said that the company was planning joint ventures in Indonesia for Indonesia and Australia, Morocco for North Africa and Latin America to garner growing mining business in respective regions.
He said the company had achieved the targetted sales turnover of Rs.2201.65 crore for the current fiscal, registering a 18.6 per cent growth with the previouys year's turnover being Rs.1856 crore.The net profit for the year was Rs.184 crore with the gross profit being Rs.280 crore. Exports earned the company a revenue of Rs.63 crore.
Unveiling the vision 2013 of the company, Mr Natarajan said that the company would from April one start two new business groups of Technology and Trading. The technology Division to provide engineering design software solutions encashing on its four decade old core competency and domain knowledge in engineering design and system engineering. The Division would spin off into a Rs.1000 crore company in ten years, he added.
Similarly the trading company would take up domestic and export sale of non-BEML products, parts and aggregates.
On Contract mining, he said with the Union Finance Minister P Chidambaram announcing openign up of blocks to mine 20 billion tonnes of coal, the Company in partnership with an indonesian miner and an Hyderabad based company float a joint venture to take up contract mining for steel, power and other utilities. The Indonesian partner would bring in nine per cent equity, the Private partner 46 per cent and BEML would have 45 per cent stake.
He said the company with an aim to achieve impressive growth would restructured from tomorrow with three main business groups of Mining and Constriuction, defence and Railway and Metro Businesses.
Each group would be headed by an independent Director who would be fully responsible for the overall growth both internal and export markets besides research and development.
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