BEML Signs Strategic Deal With Indonesian Company

BEML Signs Strategic Deal With Indonesian Company    State run Bharat Earth Movers Limited (BEML) said that it has signed up a strategic deal with Indonesia based Sumber Mitra Jaya.

The top mining and construction equipment manufacturing company signed the deal to bid for forthcoming contract mining business.

The consortium approach consists of agreement for investments in contract mining in which BEML will make 30% investment, while the remaining 70% will be made by the Indonesian company.

BEML will provide equipments, spares and services and Sumber Mitra Jaya will look after the rest of the tasks that includes planning and execution of contract mining.

Incorporated in May 1964, BEML started operations on January 1, 1965. It is an Indian Public Sector Undertaking, with headquarters in Bangalore. It manufactures different heavy equipments used for earth moving, transportation and mining.

It is Asia's second-biggest maker of earth moving equipment, which holds 70% of India's market in that sector.

Moreover, it has manufacturing facilities in Kolar Gold Fields, Bangalore and Mysore.

At 11:07 a.m., shares of BEML gained Rs 5.8 (1.58%) to trade at Rs 373.20 on the Bombay Stock Exchange (BSE). The total volume of shares traded was 6,469.

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