Rs 315 crore profit for BEML

Hyderabad, May 24 (UNI) Bharat Earth Movers Limited (BEML) has earned a profit of Rs 315 crore for 2006-07, its Chairman and Managing Director V RS Natarajan said today.

Addressing a press conference before the launch of BEML Midwest Limited, a joint venture company with two private parties, he said BEML exports fetched Rs 110 crore during 2006-07 as against the Rs 64 crore in the previous year.

In addition to this, BEML had exported Rs 25 crore worth coal to the Philippines and discussions were on with Australia and South Africa for coal exports. The company had decided to increase its exports, targeting Rs 180 crore, Mr Natarajan said.

The company planned to achieve business turnover of Rs 3,500 crore for the current financial year and it had received orders worth Rs 1,700 crore, he said, adding that increase in its business would be between 18 and 20 per cent every year, in future.

Mr Natarajan said the company proposed to increase its turnover to Rs 5000 crore by 2013. As an ongoing effort to bring in world class technology to India, BEML had tied up with TEREX, USA, for manufacturing high capacity electric mining trucks.

The company also had a technology tie-up for the manufacture of massive mining machines like Rope Shovels, and Walking dragline with world-renowned manufacturers Bucyrus International, USA, besides for mining and construction equipment, metro coaches and railway rolling stocks.

BEML also decided to enter the oil sector and BEML Oil would be launched on June 23 in Kolkata. This oil would be used for BEML equipment and machinery, he said.

UNI