Bharat Earth Movers Ltd (BEML), one of the major public sector companies, has announced that it has signed a Joint Venture (JV) agreement with the Hyderabad-based Midwest Ltd and the Indonesian company, Sumbermitra Jaya. The company has stated that it has entered the mining operations with this agreement signing. Announcing the news about the JV agreement signing, one of the spokesman of the company said that BEML was intending to capture the potential that is available in the mining operations.
According to the sources from the industry, the BEML has been identified as a mini ratna category 1 company and it usually manufactures the earth moving equipments for the mining sector. The sources related to the JV agreement signing have informed that the JV would be called as the BEML Midwest Limited and it would be providing total mining solutions, right from the mine development to mine management and maintenance to its consumers.
While talking about the companys position in India, one of the top officials of BEML has stated that the company is having a 70 per cent market share in the mining and construction equipment sector of India. The official also informed that the turnover of the company is Rs 2,600 crore at the moment and BEML is also planning to achieve a revenue of Rs 5,000 crore by the year of 2013-14, that is the companys golden jubilee year.
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| Posted : 1/21/2008 |
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