BEML floats subsidiary in Brazil

Earthmoving equipment maker BEML Ltd has floated a subsidiary in Brazil for sourcing and assembling of mining and construction equipment to cater to the growing Latin American markets.

"We have set up our subsidiary, BEML Participeda, in Brazil, whereby we would source and assemble mining and construction equipment there. We also have plans to set up an assembly plant there for the purpose," BEML Limited Chairman and Managing Director V R S Natarajan told PTI.

The quantum of investment for the project is still being worked out.

Natarajan was in Chandigarh to receive an award at a conference organised by the Indian Institute of Materials Management.

BEML, which functions under the Ministry of Defence, also has plans to open an office in China to procure mining equipment for the domestic market. "This office is expected to be opened in January," Natarajan said.

BEML, formerly known as Bharat Earth Movers Limited, is looking to touch exports worth Rs 300 crore in the next two years.

"By the end of this year, we will have an export turnover of Rs 150 crore and during the next year this should reach the Rs 300 crore mark," Natarajan said.